<SUBMISSION>
<ACCESSION-NUMBER>0001104659-01-503410
<TYPE>10-Q
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20010930
<FILING-DATE>20011114
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AVALONBAY COMMUNITIES INC
<CIK>0000915912
<ASSIGNED-SIC>6798
<IRS-NUMBER>770404318
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-Q
<ACT>34
<FILE-NUMBER>001-12672
<FILM-NUMBER>1791610
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2900 EISENHOWER AVENUE
<STREET2>SUITE 300
<CITY>ALEXANDRIA
<STATE>VA
<ZIP>22314
<PHONE>7033296300
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2900 EISENHOWER AVENUE
<STREET2>STE 300
<CITY>ALEXANDRIA
<STATE>VA
<ZIP>22314
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>AVALON BAY COMMUNITIES INC
<DATE-CHANGED>19980618
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>BAY APARTMENT COMMUNITIES INC
<DATE-CHANGED>19931208
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>j2052_10q.htm
<DESCRIPTION>10-Q
<TEXT>
<html>



<head>



<title>Prepared by MERRILL CORPORATION</title>



</head>



<body link="blue" vlink="purple">



<div>



<div style="border:none;border-top:double windowtext 9.0pt;padding:0in 0in 0in 0in;">



<p align="center" style="border:none;font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



</div>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman"><font style="font-size:18.0pt;font-weight:bold;">UNITED

STATES</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman"><font style="font-size:18.0pt;font-weight:bold;">SECURITIES

AND EXCHANGE COMMISSION</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></font></b></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman"><font style="font-size:18.0pt;font-weight:bold;">FORM 10&#150;Q</font></font></b></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman"><font style="font-size:12.0pt;font-weight:bold;">QUARTERLY

REPORT PURSUANT TO SECTION 13 OR 15(d)</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman"><font style="font-size:12.0pt;font-weight:bold;">OF THE

SECURITIES EXCHANGE ACT OF 1934</font></font></b></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">For the quarterly period ended

September 30, 2001</font></font></b></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Commission file number 1&#150;12672</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman"><font style="font-size:18.0pt;font-weight:bold;">AVALONBAY

COMMUNITIES, INC.</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">(Exact

name of registrant as specified in its charter)</font></font></i></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">&nbsp;</font></font></i></p>





<div align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">



<hr size="1" width="25%" noshade color="black" align="center">



</font></font></i></div>





<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<div align="center">



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Maryland</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">77-0404318</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">(State or other jurisdiction of

  incorporation or organization)</font></font></i></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">(I.R.S. Employer Identification

  No.)</font></font></i></p>

  </td>

 </tr>

 <tr>

  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">2900

  Eisenhower Avenue, Suite 300</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Alexandria,

  Virginia&#160; 22314</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">(Address of principal executive

  offices, including zip code)</font></font></i></p>

  </td>

 </tr>

 <tr>

  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">(703)

  329-6300</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">(Registrant&#146;s telephone number,

  including area code)</font></font></i></p>

  </td>

 </tr>

 <tr>

  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">(Former name, if changed since

  last report)</font></font></i></p>

  </td>

 </tr>

</table>



</div>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>





<div align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">



<hr size="1" width="25%" noshade color="black" align="center">



</font></font></div>





<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Indicate by check

mark whether the registrant (1) has filed all reports required to be filed by

Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding

twelve (12) months (or for such shorter period that the reg&#173;istrant was

required to file such reports), and (2) has been subject to such filing

requirements for the past ninety (90) days.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Yes&#160; </font></font><font face="Wingdings"><font style="font-family:Wingdings;">&#253;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; No&#160;

<font face="Wingdings"><font style="font-family:Wingdings;">o</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">APPLICABLE ONLY TO CORPORATE ISSUERS</font></font></u></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Indicate the

number of shares outstanding of each of the issuer&#146;s classes of common stock as

of the latest practicable date:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">69,597,014 shares outstanding as of November 1, 2001</font></font></p>



<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">



<p align="center" style="border:none;font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



</div>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<b><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;font-weight:bold;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font></b>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">AVALONBAY

COMMUNITIES, INC.</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">FORM

10-Q</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">INDEX</font></font></b></p>



<p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 9.0pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;"><a href="#PartIFinancialInformation" title="Click to goto Part I &#150; FINANCIAL INFORMATION">PART

I - FINANCIAL INFORMATION</a></font></font></b></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Item1_FinancialStatements" title="Click to goto Item 1. Financial Statements">Item 1</a>.</font></font></p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Item1_FinancialStatements" title="Click to goto Item 1. Financial Statements">Condensed Consolidated

  Financial Statements</a></font></font></p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#CondensedConsolidatedBalanceSheets" title="Click to goto CONDENSED CONSOLIDATED BALANCE SHEETS">Condensed

  Consolidated Balance Sheets as of September 30, 2001 (unaudited) and December

  31, 2000 (audited)</a></font></font></p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#CondensedConsolidatedStatementsOfOpe" title="Click to goto CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME ">Condensed

  Consolidated Statements of Operations and Other Comprehensive Income <font style="letter-spacing:0pt;">(unaudited) for the three and nine months ended

  September 30, 2001 and 2000</font></a></font></font></p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#CondensedConsolidatedStatementsOfCas" title="Click to goto CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS">Condensed

  Consolidated Statements of Cash Flows (unaudited) for the nine months ended

  September 30, 2001 and 2000</a></font></font></p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

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 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#NotesToCondensedConsolidatedFinancia" title="Click to goto NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS">Notes

  to Condensed Consolidated Financial Statements (unaudited)</a></font></font></p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

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 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Item2_ManagmentsDiscussionAndAnaly" title="Click to goto ITEM 2. MANAGMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION   AND RESULTS OF OPERATIONS ">Item

  2</a>.</font></font></p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Item2_ManagmentsDiscussionAndAnaly" title="Click to goto ITEM 2. MANAGMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION   AND RESULTS OF OPERATIONS ">Management&#146;s

  Discussion and Analysis of Financial Condition and Results of Operations</a></font></font></p>

  </td>

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 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Item3_QuantitativeAndQualitativeDi" title="Click to goto Item 3.  Quantitative and Qualitative Disclosures About Market Risk">Item

  3.</a></font></font></p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Item3_QuantitativeAndQualitativeDi" title="Click to goto Item 3.  Quantitative and Qualitative Disclosures About Market Risk">Quantitative

  and Qualitative Disclosures About Market Risk</a></font></font></p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;"><a href="#PartIi_OtherInformation" title="Click to goto Part II. OTHER INFORMATION">PART II - OTHER INFORMATION</a></font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Item1_LegalProceedings" title="Click to goto Item 1.  Legal Proceedings">Item 1</a>.</font></font></p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Item1_LegalProceedings" title="Click to goto Item 1.  Legal Proceedings">Legal Proceedings</a></font></font></p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Item2_ChangesInSecurities" title="Click to goto Item 2.  Changes in Securities">Item 2.</a></font></font></p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Item2_ChangesInSecurities" title="Click to goto Item 2.  Changes in Securities">Changes in Securities</a></font></font></p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Item3_DefaultsUponSeniorSecurities" title="Click to goto Item 3.  Defaults Upon Senior Securities">Item 3</a>.</font></font></p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Item3_DefaultsUponSeniorSecurities" title="Click to goto Item 3.  Defaults Upon Senior Securities">Defaults Upon

  Senior Securities</a></font></font></p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Item4_SubmissionOfMattersToAVote" title="Click to goto Item 4.  Submission of Matters to a Vote of Security Holders">Item

  4.</a></font></font></p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Item4_SubmissionOfMattersToAVote" title="Click to goto Item 4.  Submission of Matters to a Vote of Security Holders">Submission

  of Matters to a Vote of Security Holders</a></font></font></p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Item5_OtherInformation" title="Click to goto Item 5.  Other Information">Item 5.</a></font></font></p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Item5_OtherInformation" title="Click to goto Item 5.  Other Information">Other Information</a></font></font></p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Item6_ExhibitsAndReportsOnForm8" title="Click to goto Item 6.  Exhibits and Reports on Form 8-K">Item 6</a>.</font></font></p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Item6_ExhibitsAndReportsOnForm8" title="Click to goto Item 6.  Exhibits and Reports on Form 8-K">Exhibits and

  Reports on Form 8-K</a></font></font></p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 31.5pt .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;"><a href="#Signatures" title="Click to goto SIGNATURES">Signature</a></font></font></p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><a name="PartIFinancialInformation"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">Part I &#150; FINANCIAL

INFORMATION</font></font></a></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><a name="Item1_FinancialStatements"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Item 1. Financial Statements</font></font></a></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">AVALONBAY COMMUNITIES,

INC.</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><a name="CondensedConsolidatedBalanceSheets"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">CONDENSED CONSOLIDATED BALANCE SHEETS</font></font></a></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(Dollars in thousands,

except per share data)</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-01</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">12-31-00</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">(unaudited)</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">(audited)</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">ASSETS</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Real estate:</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Land</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.94%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">816,407</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.94%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">742,863</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Buildings and improvements</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,394,622</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,047,560</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Furniture, fixtures and

  equipment</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">106,110</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">98,880</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4,317,139</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,889,303</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Less accumulated

  depreciation</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(410,789</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(316,045</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net operating real estate</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,906,350</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,573,258</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Construction in progress

  (including land)</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">336,634</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">418,583</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Communities held for sale,

  net</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">73,851</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">208,118</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Total real estate, net</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4,316,835</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4,199,959</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Cash and cash equivalents</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">201,393</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">57,234</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Cash in escrow</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">78,207</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">16,733</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Resident security deposits</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">19,967</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">18,281</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Investments in

  unconsolidated real estate joint ventures</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">13,131</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">12,215</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Deferred financing costs,

  net</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">20,942</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">15,265</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Deferred development costs,

  net</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">20,273</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">16,359</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Participating mortgage

  notes</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">21,483</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">21,483</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Prepaid expenses and other

  assets</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">37,237</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">39,696</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Total assets</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.94%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4,729,468</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.94%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4,397,225</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">LIABILITIES AND

  STOCKHOLDERS' EQUITY</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Unsecured notes</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.94%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,635,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.94%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,335,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Variable rate unsecured

  credit facility</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Mortgage notes payable</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">444,463</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">394,924</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Dividends payable</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">50,814</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">47,572</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Payables for construction</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">36,816</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">19,997</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Accrued expenses and other

  liabilities</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">61,281</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">46,771</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Accrued interest payable</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">21,858</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">32,829</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Resident security deposits</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">30,452</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">28,138</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Total liabilities</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,280,684</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,905,231</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Minority interest of

  unitholders in consolidated partnerships</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">48,706</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">49,501</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Commitments and

  contingencies</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Stockholders' equity:</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Preferred stock, $.01 par

  value; $25 liquidation preference; 50,000,000 shares authorized at both

  September 30, 2001 and December 31, 2000; 13,867,700 and 18,322,700 shares

  outstanding at September 30, 2001 and December 31, 2000, respectively.</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">139</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">183</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Common stock, $.01 par

  value; 140,000,000 shares authorized at both September 30, 2001 and December

  31, 2000; 68,571,151 and 67,191,542 shares both issued and outstanding at

  September 30, 2001 and December 31, 2000, respectively.</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">686</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">672</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Additional paid-in capital</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,435,564</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,493,033</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Deferred compensation</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(7,648</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(3,550</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Dividends in excess of

  accumulated earnings</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(16,700</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(47,845</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Accumulated other

  comprehensive loss</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(11,963</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Total stockholders' equity</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,400,078</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,442,493</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:9.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Total liabilities and

  stockholders' equity</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:8.94%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4,729,468</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:8.94%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4,397,225</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">See accompanying notes to

Condensed Consolidated Financial Statements.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><a name="CondensedConsolidatedStatementsOfOpe"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">AVALONBAY COMMUNITIES, INC.</font></font></a></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">CONDENSED

CONSOLIDATED STATEMENTS OF OPERATIONS</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">AND

OTHER COMPREHENSIVE INCOME</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">(Unaudited)</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">(Dollars

in thousands, except per share data)</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="28%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:28.56%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">For the three months ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="29%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.3%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">For the nine months ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-01</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-00</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-01</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-00</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Revenue:</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Rental income</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">162,822</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.56%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">145,954</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">480,083</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.1%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">420,371</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Management fees</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">336</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">261</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">985</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">761</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Other income</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">111</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">136</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">317</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">265</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Total revenue</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">163,269</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">146,351</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">481,385</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">421,397</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Expenses:</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Operating expenses,

  excluding property taxes</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">42,205</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">36,390</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">122,837</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">104,860</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Property taxes</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">13,371</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">12,158</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">39,081</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">34,717</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Interest expense</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">26,701</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">21,385</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">75,138</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">61,815</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Depreciation expense</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">32,165</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">30,599</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">95,455</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">91,227</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">General and administrative</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,421</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,359</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">10,969</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">9,591</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Total expenses</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">117,863</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">103,891</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">343,480</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">302,210</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Equity in income of

  unconsolidated joint ventures</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">599</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">721</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">527</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,117</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Interest income</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,599</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,277</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4,876</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,245</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Minority interest in

  consolidated partnerships</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(34</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(485</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(522</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,499</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Income before gain on sale

  of communities</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">47,570</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">43,973</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">142,786</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">123,050</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Gain on sale of communities</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">39,098</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">14,521</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">43,999</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">33,273</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net income</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">86,668</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">58,494</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">186,785</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">156,323</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Dividends attributable to

  preferred stock</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(7,439</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(9,944</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(26,771</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(29,834</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net income available to

  common stockholders</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">79,229</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.56%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">48,550</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">160,014</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.1%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">126,489</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Other comprehensive income:</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Unrealized loss on

  derivative instruments</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(5,447</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(11,963</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Other comprehensive loss</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(5,447</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(11,963</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Comprehensive income</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">73,782</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.56%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">48,550</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">148,051</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.1%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">126,489</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Dividends declared per

  common share</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">0.64</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.56%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">0.56</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.92</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.1%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.68</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.56%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.1%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Earnings per common share:</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:13.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Basic</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.16</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.56%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">0.73</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.37</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.1%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.91</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Diluted</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.14</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.56%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">0.71</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.32</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.1%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.88</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">See

accompanying notes to Condensed Consolidated Financial Statements.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><a name="CondensedConsolidatedStatementsOfCas"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">AVALONBAY COMMUNITIES, INC.</font></font></a></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">CONDENSED

CONSOLIDATED STATEMENTS OF CASH FLOWS</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">(Unaudited)</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">(Dollars

in thousands)</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="31%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:31.64%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">For the nine months ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-01</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-00</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Cash flows from operating

  activities:</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net income</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.88%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">186,785</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.88%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">156,323</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Adjustments to reconcile

  net income to cash provided by operating activities:</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Depreciation expense</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">95,455</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">91,227</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Amortization of deferred

  financing costs</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,729</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,168</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Amortization of deferred

  compensation</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,105</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,394</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Undistributed earnings from

  unconsolidated real estate joint ventures</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(300</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Income allocated to

  minority interest in consolidated partnerships</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">522</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,499</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Gain on sale of communities</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(43,999</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(33,273</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Decrease (increase) in cash

  in operating escrows</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(616</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">115</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Increase in resident

  security deposits, accrued interest receivable on participating mortgage

  notes, prepaid expenses and other assets</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(3,187</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(22,472</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Increase (decrease) in

  accrued expenses, other liabilities and accrued interest payable</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(4,140</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6,286</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net cash provided by

  operating activities</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">235,354</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">204,267</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Cash flows used in

  investing activities:</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Purchase and development of

  real estate</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(343,571</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(304,008</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Proceeds from sale of

  communities, net of selling costs</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">175,257</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">120,418</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Increase in payables for

  construction</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">16,819</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,769</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Increase in cash in

  investing escrows</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(60,858</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(25,473</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Increase in investments in

  unconsolidated real estate joint ventures</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(616</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(349</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net cash used in investing

  activities</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(212,969</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(207,643</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Cash flows from financing

  activities:</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Issuance of common stock</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">45,810</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">25,513</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Redemption of preferred

  stock and related costs</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(111,472</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Dividends paid</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(152,398</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(138,186</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net repayments of unsecured

  credit facility</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(32,600</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Issuance of secured

  mortgage notes payable</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">71,014</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Proceeds from sale of

  unsecured notes</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">300,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">150,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Repayments of notes payable</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(21,475</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(21,616</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Payment of deferred

  financing costs</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(8,406</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,482</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Contributions from

  (distributions to) minority partners</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,299</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">24,488</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net cash provided by

  financing activities</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">121,774</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6,117</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net increase in cash and

  cash equivalents</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">144,159</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,741</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Cash and cash equivalents,

  beginning of period</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">57,234</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">7,621</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Cash and cash equivalents,

  end of period</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.88%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">201,393</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.88%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">10,362</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Cash paid during period for

  interest, net of amount capitalized</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.88%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">79,975</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.88%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">68,158</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">See

accompanying notes to Condensed Consolidated Financial Statements.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .6in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">
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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .6in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Supplemental disclosures of non-cash investing and financing activities

(dollars in thousands):</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">During the nine months ended September 30, 2001, 762 units of limited

partnership, valued at $36, were presented for redemption to the DownREIT

partnership that issued such units and were acquired by the Company in exchange

for an equal number of shares of the Company&#146;s common stock.</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">During the nine months ended September 30, 2000, 147,060

units of limited partnership, valued at $6,070, were presented for redemption

to the DownREIT partnership that issued such units and were acquired by the

Company in exchange for an equal number of shares of the Company&#146;s common

stock.&#160; In addition, the Company issued

$60 in limited partnership units as consideration for acquisitions of apartment

communities that were pursuant to the terms of a forward purchase contract

agreed to in 1997 with an unaffiliated party.</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Common and preferred dividends declared but not paid as of September 30,

2001 and 2000 totaled $50,814 and $47,320, respectively.</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">During the nine months ended September 30, 2001, the Company

issued 187,077 shares of restricted common stock, net of forfeitures, valued at

$8,572.&#160; During the nine months ended

September 30, 2000, the Company issued 133,456 shares of restricted common

stock valued at $3,035.</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">During the nine months ended September 30, 2001, the

Company recorded a liability and a corresponding charge to Other Comprehensive

Loss of $11,963 to adjust the Company&#146;s Swap Agreements (as defined in Note 5

of the notes to the Condensed Consolidated Financial Statements) to their fair

value.</font></font></p>



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<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">AVALONBAY

COMMUNITIES, INC.</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><a name="NotesToCondensedConsolidatedFinancia"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">NOTES TO

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></font></b></a></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">(Unaudited)</font></font></b></p>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">(Dollars in

thousands, except per share data)</font></font></b></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">1.&#160; <u>Organization and

Significant Accounting Policies</u></font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;letter-spacing:-.1pt;">Organization

and Recent Developments</font></font></i></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">AvalonBay Communities, Inc. (the &#147;Company,&#148; which term, unless the

context otherwise requires, refers to AvalonBay Communities, Inc. together with

its subsidiaries) </font>is a Maryland corporation that has elected to be taxed

as a real estate investment trust (&#147;REIT&#148;) under the Internal Revenue Code of

1986, as amended. The Company focuses on the ownership and operation of upscale

apartment communities in high barrier-to-entry markets of the United States.

These markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific

Northwest, and Northern and Southern California regions of the country.</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">At September 30, 2001, the Company </font>owned or held a direct or

indirect ownership interest in 126 operating apartment communities containing

37,354 apartment homes in eleven states and the District of Columbia, of which

three communities containing 1,917 apartment homes were under

reconstruction.&#160; In addition, the

Company also owned fifteen communities with 3,886 apartment homes under construction

and rights to develop an additional 31 communities that, if developed as

expected, will contain an estimated 9,196 apartment homes.</font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">During the three

months ended September 30, 2001:</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; The Company

completed the development of Avalon at Arlington Square I, a 510 apartment home

community located in Arlington, Virginia.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; The Company

commenced development of two communities in the Northeast region, Avalon at

Flanders Hill, located in Westborough, Massachusetts, and Avalon New Canaan,

located in New Canaan, Connecticut.&#160;

These communities are expected to contain 384 apartment homes with a

projected combined total investment of approximately $65,600.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; The Company

commenced development of one community in the Mid-Atlantic region, Avalon at

Arlington Square II, located in Arlington, Virginia.&#160; The community is expected to contain 332 apartment homes with a

projected total investment of approximately $43,900.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">As further

discussed in Note 7, &#147;Communities Held for Sale&#148;, the Company has adopted a

strategy of disposing of certain assets in markets that do not meet its

long-term investment criteria and redeploying the proceeds from such sales to

help fund the Company&#146;s development and redevelopment activities.&#160; In connection with this strategy, the

Company sold three communities containing a total of 1,708 apartment homes for

net proceeds of approximately $152,600 during the three months ended September

30, 2001.&#160; The net proceeds from these

dispositions will be redeployed to develop or redevelop communities currently

under construction or reconstruction.&#160;

Pending such redeployment, the proceeds from the sale of two of these

communities were used to reduce amounts outstanding under the Company&#146;s

variable rate unsecured credit facility.&#160;

The net proceeds from one of these communities were deposited into an

escrow account to facilitate a like-kind exchange transaction.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="color:red;font-family:'Times New Roman';font-size:10.0pt;margin:0in 1.45pt .0001pt 0in;"><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;">The interim unaudited financial

statements have been prepared in accordance with generally accepted accounting

principles (&#147;GAAP&#148;) for interim financial information and in conjunction with

the rules and regulations of the Securities and Exchange Commission.&#160; Certain information and footnote disclosures

normally included in financial statements required by GAAP have been condensed

or omitted pursuant to such rules and regulations.&#160; These unaudited financial statements should be read in

conjunction with the financial statements and notes included in the Company&#146;s

Annual Report on Form 10-K for the year ended December 31, 2000.&#160; The results of operations for the three and

nine months ended September 30, 2001 are not necessarily indicative of the

operating results for the full year. Management believes the disclosures are

adequate to ensure the information presented is not misleading.&#160; In the opinion of management, all

adjustments and eliminations, consisting only of normal, recurring adjustments

necessary for a fair presentation of the financial statements for the interim

periods, have been included.</font></font></p>



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<i><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;font-style:italic;letter-spacing:-.1pt;">
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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;letter-spacing:-.1pt;">Principles of

Consolidation</font></font></i></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The accompanying Condensed Consolidated Financial Statements include the

accounts of the Company and its wholly-owned partnerships and certain joint

venture partnerships in addition to subsidiary partnerships structured as

DownREITs.&#160; All significant intercompany

balances and transactions have been eliminated in consolidation.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">In each of the partnerships structured as

DownREITs, either the Company or one of the Company&#146;s wholly-owned subsidiaries

is the general partner, and there are one or more limited partners whose

interest in the partnership is represented by units of limited partnership

interest.&#160; For each DownREIT

partnership, limited partners are entitled to receive distributions before any

distribution is made to the general partner.&#160;

Although the partnership agreements for each of the DownREITs are

different, generally the distributions per unit paid to the holders of units of

limited partnership interests approximate the Company&#146;s current common stock

dividend per share.&#160; Each DownREIT

partnership has been structured so that it is unlikely the limited partners

will be entitled to a distribution greater than the initial distribution

provided for in the partnership agreement.&#160;

The holders of units of limited partnership interest have the right to

present each unit of limited partnership interest for redemption for cash equal

to the fair market value of a share of the Company&#146;s common stock on the date

of redemption.&#160; In lieu of a cash

redemption of a limited partner&#146;s unit, the Company may elect to acquire any

unit presented for redemption for one share of common stock.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">The Company has minority interest

investments in five technology companies. The Company accounts for these

unconsolidated entities in accordance with Accounting Principles Board (&#147;APB&#148;)

Opinion No. 18, &#147;The Equity Method of Accounting for Investments in Common

Stock.&#148;&#160; The Company applies the equity

method of accounting to its investment in Realeum, Inc., a company involved in

the development and deployment of a property management and leasing automation

system.&#160; The remaining investments are

accounted for under the cost method of accounting.&#160; As of September 30, 2001, the aggregate investment in these five

companies, net of an allowance of&#160; $934,

was $2,955.</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;letter-spacing:-.1pt;">Revenue Recognition</font></font></i></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Rental income related to leases is recognized when due from residents

in accordance with SEC Staff Accounting Bulletin No. 101, &#147;Revenue Recognition

in Financial Statements.&#148;&#160; In accordance

with the Company&#146;s standard lease terms, rental payments are generally due on a

monthly basis.</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;letter-spacing:-.1pt;">Real Estate</font></font></i></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Significant expenditures which improve or extend the life of an asset

are capitalized. The operating real estate assets are stated at cost and

consist of land, buildings and improvements, furniture, fixtures and equipment,

and other costs incurred during their development, redevelopment and

acquisition.&#160; </font>Expenditures for

maintenance and repairs are charged to operations as incurred.</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The capitalization of costs during the development of assets (including

interest and related loan fees, property taxes and other direct and indirect

costs) begins when active development commences and ends when the asset is

delivered and a final certificate of occupancy is issued.&#160; Cost capitalization during redevelopment of

apartment homes (including interest and related loan fees, property taxes and

other direct and indirect costs) begins when an apartment home is taken

out-of-service for redevelopment and ends when the apartment home redevelopment

is completed and the apartment home is placed in-service.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">With few exceptions, we capitalize pre-development costs incurred in

pursuit of new development opportunities.&#160;

The accompanying Condensed Consolidated Financial Statements include a

charge to expense for unrecoverable deferred development costs related to

pre-development communities that are unlikely to be developed.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">Depreciation is calculated on buildings and improvements

using the straight-line method over their estimated useful lives, which range

from seven to thirty years. Furniture, fixtures and equipment are generally

depreciated using the straight-line method over their estimated useful lives,

which range from three years (primarily computer related equipment) to seven

years.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Lease terms for apartment homes are generally one year or less.&#160; Rental income and operating costs incurred

during the initial lease&#150;up or post-redevelopment lease-up period are

fully recognized as they accrue.</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;letter-spacing:-.1pt;">Earnings per

Common Share</font></font></i></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">In accordance with the provisions of Statement of

Financial Accounting Standards (&#147;SFAS&#148;) No. 128, &#147;Earnings per Share&#148;, basic

earnings per share for the three and nine months ended September 30, 2001 and

2000 is computed by dividing earnings available to common shares by the

weighted average number of shares outstanding during the period.&#160; Other potentially dilutive common shares,

and the related impact to earnings, are considered when calculating earnings

per share on a diluted basis.</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">&#160;The Company&#146;s

earnings per common share are determined as follows:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.72%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="24%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:24.66%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Three months ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="24%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:24.66%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Nine months ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.72%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-01</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-00</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-01</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-00</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Basic and Diluted shares

  outstanding</font></font></u></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Weighted average common

  shares - basic</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">68,100,249</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">66,490,846</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">67,652,285</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">66,109,093</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Weighted average DownREIT

  units outstanding</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">671,083</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">851,677</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">670,992</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">901,854</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Effect of dilutive

  securities</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,344,541</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,273,141</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,298,254</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">854,312</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Weighted average common

  shares and DownREIT units - diluted</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">70,115,873</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">68,615,664</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">69,621,531</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">67,865,259</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Calculation of Earnings per

  Share - Basic</font></font></u></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net income available to

  common stockholders</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">79,229</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">48,550</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">160,014</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">126,489</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Weighted average common

  shares - basic</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">68,100,249</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">66,490,846</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">67,652,285</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">66,109,093</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Earnings per common share -

  basic</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.16</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">0.73</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.37</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.91</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Calculation of Earnings per

  Share - Dilut</font></font></u>ed </p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net income available to

  common stockholders</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">79,229</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">48,550</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">160,014</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">126,489</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Add: Minority interest of

  DownREIT unitholders in consolidated partnerships</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">393</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">439</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,176</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,399</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Adjusted net income

  available to common stockholders</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">79,622</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">48,989</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">161,190</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">127,888</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Weighted average common

  shares and DownREIT units - diluted</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">70,115,873</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">68,615,664</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">69,621,531</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="11%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">67,865,259</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="45%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Earnings per common share -

  diluted</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.14</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">0.71</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.32</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.88</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">Certain options to purchase shares of common stock in the

amounts of 1,000 and 15,269 were outstanding during the three and nine months

ended September 30, 2001, respectively, and 3,000 and 65,500 were outstanding

during the three and nine months ended September 30, 2000, respectively, but

were not included in the computation of diluted earnings per share because the

options&#146; exercise prices were greater than the average market price of the

common shares for the period.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;letter-spacing:-.1pt;">Executive

Separation Costs</font></font></i></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">In February 2001, the Company announced certain

management changes including the departure of a senior executive who became

entitled to severance benefits in accordance with the terms of his employment

agreement with the Company.&#160; The Company

recorded a charge of approximately $2,500 in the first quarter of 2001 related

to the expected costs associated with such departure.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<i><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;font-style:italic;letter-spacing:-.1pt;">
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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;letter-spacing:-.1pt;">Recently Issued

Accounting Standards</font></font></i></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">During the third quarter of 2001, the Financial Accounting Standards

Board issued SFAS No. 141, &#147;Business Combinations,&#148; SFAS No. 142, &#147;Goodwill and

Intangible Assets,&#148; SFAS No. 143, &#147;Accounting for Asset Retirement

Obligations,&#148; and SFAS No. 144. &#147;Accounting for the Impairment or Disposal of

Long-Lived Assets.&#148;&#160; In the opinion of

management the adoption of these statements will not have a material effect on

the Company&#146;s Condensed Consolidated Financial Statements.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;letter-spacing:-.1pt;">Use of

Estimates</font></font></i></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">The preparation of financial statements in conformity

with GAAP requires management to make certain estimates and assumptions.&#160; These estimates and assumptions affect the

reported amounts of assets and liabilities and disclosure of contingent assets

and liabilities at the dates of the financial statements and the reported

amounts of revenue and expenses during the reporting periods.&#160; Actual results could differ from those estimates.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Reclassifications</font></font></i></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Certain reclassifications have been made to amounts in

prior periods&#146; financial statements to conform with current period

presentations.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">2.&#160; <u>Interest Capitalized</u></font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Capitalized interest associated with communities under development or

redevelopment totaled $7,221 and $5,255 for the three months ended September

30, 2001 and 2000, respectively, and $19,340 and $12,912 for the nine months

ended September 30, 2001 and 2000, respectively.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">3.&#160; <u>Notes Payable, Unsecured

Notes and Credit Facility</u></font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">The Company&#146;s notes payable, unsecured notes and credit

facility are summarized as follows:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="69%" valign="bottom" style="padding:0in 0in 0in 0in;width:69.24%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-01</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">12-31-00</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="69%" valign="bottom" style="padding:0in 0in 0in 0in;width:69.24%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="69%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:69.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Fixed rate unsecured notes</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,635,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,335,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="69%" valign="bottom" style="padding:0in 0in 0in 0in;width:69.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Fixed rate mortgage notes payable - conventional and

  tax-exempt (1)</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">323,285</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">326,964</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="69%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:69.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Variable rate mortgage notes payable - tax-exempt</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">67,960</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">67,960</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="69%" valign="bottom" style="padding:0in 0in 0in 0in;width:69.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="69%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:69.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Total mortgage notes payable and unsecured notes</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,026,245</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,729,924</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="69%" valign="bottom" style="padding:0in 0in 0in 0in;width:69.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="69%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:69.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Variable rate short term construction loan</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">53,218</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="69%" valign="bottom" style="padding:0in 0in 0in 0in;width:69.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Variable rate unsecured credit facility</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="69%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:69.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.16%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="69%" valign="bottom" style="padding:0in 0in 0in 0in;width:69.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Total mortgage notes payable, unsecured notes and

  unsecured credit facility</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,079,463</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,729,924</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>





<div style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">



<hr size="1" width="25%" noshade color="black" align="left">



</font></font></div>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1) Includes

$167,587 of variable rate notes effectively fixed through swap agreements.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Mortgage notes payable are collateralized by certain apartment

communities and mature at various dates from March 2002 through February

2041.&#160; The weighted average interest

rate of the Company&#146;s variable rate notes and unsecured credit facility,

including certain financing related fees, was 5.6% at September 30, 2001. The

weighted average interest rate of the Company&#146;s fixed rate mortgage notes

(conventional and tax-exempt) was 6.7% at September 30, 2001.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">The maturity schedule for the Company&#146;s unsecured notes

is as follows:</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<div align="center">



<table border="0" cellspacing="0" cellpadding="0" width="37%" style="border-collapse:collapse;margin-left:-41.7pt;width:37.68%;">

 <tr>

  <td width="30%" rowspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Year of

  maturity</font></font></b></p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="30%" rowspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:30.64%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Principal</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="25%" rowspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:25.38%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Interest rate</font></font></b></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></font></b></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2002</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">100,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">7.375</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2003</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">50,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6.250</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">100,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6.500</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2004</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">125,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6.580</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2005</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">100,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6.625</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">50,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6.500</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2006</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">150,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6.800</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2007</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">110,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6.875</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2008</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">50,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6.625</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">150,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">8.250</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2009</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">150,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">7.500</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2010</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">200,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">7.500</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2011</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="30%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.64%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">300,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6.625</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.62%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">%</font></font></p>

  </td>

 </tr>

</table>



</div>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">The Company&#146;s unsecured notes contain a number of

financial and other covenants with which the Company must comply, including,

but not limited to, limits on the aggregate amount of total and secured

indebtedness the Company may have on a consolidated basis and limits on the

Company&#146;s required debt service payments.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">The

Company has a $500,000 variable rate unsecured credit facility with J.P. Morgan

Chase and Fleet National Bank serving as co-agents for a syndicate of

commercial banks, which had zero outstanding on September 30, 2001.&#160; Under the terms of the unsecured credit

facility, the Company has the option of increasing the facility up to

$650,000.&#160; The unsecured credit facility

bears interest at a spread over the London Interbank Offered Rate (&#147;LIBOR&#148;)

based on rating levels achieved on the Company&#146;s unsecured notes and on a

maturity schedule selected by the Company.&#160;

The current stated pricing is LIBOR plus 0.6% per annum (3.2% on

September 30, 2001).&#160; In addition, the

unsecured credit facility includes a competitive bid option, which allows banks

that are part of the lender consortium to bid to make loans to the Company at a

rate that is lower than the stated rate provided by the unsecured credit

facility for up to $400,000.&#160; The

Company is subject to certain customary covenants under the unsecured credit

facility, including, but not limited to, maintaining certain maximum leverage

ratios, a minimum fixed charges coverage ratio, minimum unencumbered assets and

equity levels and restrictions on paying dividends in amounts that exceed 95%

of the Company&#146;s Funds from Operations, as defined therein.&#160; The existing facility matures in May 2005

after all applicable extensions.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">4.&#160; <u>Stockholders&#146; Equity</u></font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">The following summarizes the changes in stockholders&#146;

equity for the nine months ended September 30, 2001:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.02%;">

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.7%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">Preferred Stock</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">Common Stock</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">Additional paid-in capital</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">Deferred compensation</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">Dividends in excess of accumulated earnings</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">Accumulated other comprehensive income</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">Stockholders' equity</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp; &nbsp; &nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Stockholders' equity,

  December 31, 2000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.74%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">183</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.74%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">672</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.72%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,493,033</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.72%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(3,550</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.72%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(47,845</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.72%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.72%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,442,493</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Net income</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.7%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">186,785</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">186,785</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Other comprehensive income</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(11,963</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(11,963</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Dividends declared to common

  and preferred stockholders</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.7%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(155,640</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(155,640</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Redemption of Preferred

  Stock Series F</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(44</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(111,428</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(111,472</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Issuance of Common Stock</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.7%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">14</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">53,959</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(6,203</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">47,770</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Amortization of deferred

  compensation</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.7%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,105</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,105</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:8.7%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:8.68%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Stockholders' equity,

  September 30, 2001</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.98%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:7.74%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">139</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:7.74%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">686</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:7.72%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,435,564</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:7.72%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(7,648</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:7.72%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(16,700</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:7.72%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(11,963</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:7.72%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,400,078</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.64%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">During the nine months ended September 30, 2001, the Company issued

711,230 shares of common stock in connection with stock options exercised,

485,556 shares through the Company&#146;s Dividend Reinvestment and Stock Purchase

Plan, 762 shares to acquire DownREIT partnership units from a third party,

187,077 shares in connection with restricted stock grants to employees, less

5,016 shares of forfeited restricted stock.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">In June 2001, the Company redeemed all 4,455,000 outstanding shares of

its 9.00% Series F Cumulative Redeemable Preferred Stock at a price of $25.00

per share, plus $0.1625 in accrued and unpaid dividends, for an aggregate

redemption price of $25.1625 per share.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">5.&#160; <u>Derivative Instruments and Hedging

Activities</u></font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">In June 1998, the Financial Accounting Standards Board issued SFAS No.

133, &quot;Accounting for Derivative Instruments and Hedging Activities.&#148;&#160; SFAS No. 133, as amended by SFAS No. 137,

&#147;Accounting for Derivative Instruments and Hedging Activities &#150; Deferral of the

Effective Date of SFAS No. 133,&#148; and SFAS No. 138, &#147;Accounting for Certain

Instruments and Certain Hedging Activities, an amendment of Statement 133,&#148; was

adopted by the Company on January 1, 2001.&#160;

SFAS No. 133, as amended, establishes accounting and reporting standards

requiring that every derivative instrument be recorded on the balance sheet as

either an asset or liability measured at its fair value.&#160; SFAS No. 133 also requires that a change in

the derivative&#146;s fair value be recognized currently in earnings unless specific

hedge accounting criteria are met.&#160; For

fair value hedge transactions, changes in the fair value of the derivative

instrument and changes in the fair value of the hedged item due to the risk

being hedged are recorded through the income statement.&#160; For cash flow hedge transactions, changes in

the fair value of the derivative instrument are reported in other comprehensive

income.&#160; The ineffective portion of all

hedges is recognized in current period earnings. Derivatives which are not part

of a hedge relationship are recorded at fair value through earnings.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">The Company has historically used interest rate swap agreements (the

&#147;Swap Agreements&#148;) to reduce the impact of interest rate fluctuations on its

variable rate tax-exempt bonds.&#160; The

Company has not entered into any interest rate hedge agreements or treasury

locks for its conventional unsecured debt.&#160;

The Swap Agreements are not held for trading or other speculative

purposes.&#160; As of September 30, 2001, the

effect of these Swap Agreements is to fix $167,587 of the Company&#146;s tax-exempt

debt at a weighted average interest rate of 6.0% with an average maturity of 5

years.&#160; By using derivative financial instruments

to hedge exposures to changes in interest rates, the Company exposes itself to

credit risk and market risk.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">The credit risk is the risk of a counterparty not performing under the

terms of the Swap Agreement.&#160; The

counterparties to these Swap Agreements are major financial institutions with

AAA credit ratings by the Standard &amp; Poor&#146;s Ratings Group.&#160; The Company monitors the credit ratings of

counterparties and the amount of the Company&#146;s debt subject to Swap Agreements

with any one party.&#160; Therefore, the

Company believes the likelihood of realizing material losses from counterparty

nonperformance is remote.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Market risk is the adverse effect of the value of financial instruments

that results from a change in interest rates.&#160;

The market risk associated with interest-rate contracts is managed by

the establishment and monitoring of parameters that limit the types and degree

of market risk that may be undertaken.&#160;

These risks are managed by the Company&#146;s Chief Financial Officer and

Vice President of Finance.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">The Company has determined that its Swap Agreements qualify as effective

cash-flow hedges under SFAS No. 133.&#160;

When entering into hedging transactions, the Company documents the

relationships between hedging instruments and hedged items, as well as the risk

management objective and strategy.&#160; The

Company assesses, both at inception and on an on-going basis, the effectiveness

of all hedges in offsetting cash flows of hedged items. In accordance with SFAS

No. 133, the Company records all changes in the fair value of the Swap

Agreements in other comprehensive income.&#160;

Amounts recorded in other comprehensive income will be reclassified into

earnings in the period in which earnings are affected by the hedged cash flows.&#160; In all situations where hedge accounting is

discontinued, the derivative will be carried at fair value with changes in its

fair value recognized in income. Upon the termination of a hedging

relationship, the amount in other comprehensive income will be amortized over

the remaining life of the hedged cash flows.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">
<!-- SEQ.=1 -->
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</font></font>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">At January 1, 2001, in accordance with the transition

provisions of SFAS No. 133, the Company recorded a cumulative effect adjustment

of $6,412 to other comprehensive loss to recognize at fair value all of the

derivatives that are designated as cash flow hedging instruments.&#160; Through September 30, 2001, the Company

recorded additional unrealized losses to other comprehensive loss of $6,079 to

adjust the Swap Agreements to their fair value. In connection with the sale of

a community during the first quarter of 2001, a Swap Agreement with a fair

value of $528 was transferred to the new owner.&#160; Hedge ineffectiveness for the three and nine months ended

September 30, 2001 did not have a material impact on earnings and the Company

does not anticipate that the losses being reclassified to earnings during the

next twelve months will be material.&#160;

The Swap Agreements are included in accrued expenses and other

liabilities on the accompanying Condensed Consolidated Balance Sheets.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">6.&#160; <u>Investments in

Unconsolidated Real Estate Joint Ventures</u></font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">The Company accounts for investments in unconsolidated

real estate entities in accordance with Statement of Position (&#147;SOP&#148;) 78-9,

&#147;Accounting for Investments in Real Estate Ventures&#148; and APB Opinion No. 18. &#160;The Company applies the equity method of

accounting to an investment in an entity if it has the ability to significantly

influence that entity.&#160; All other

unconsolidated real estate investments are recorded under the cost method of

accounting.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">At September 30, 2001,

the Company&#146;s investments in unconsolidated real estate joint ventures

consisted of:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .75in .0001pt;page-break-after:avoid;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; a

50% limited liability company membership interest in a limited liability

company that owns the Falkland Chase community;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .75in .0001pt;page-break-after:avoid;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; a

49% general partnership interest in a partnership that owns the Avalon Run

community;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .75in .0001pt;page-break-after:avoid;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; a

50% limited liability company membership interest in a limited liability

company that owns the Avalon Grove community; and</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .75in .0001pt;page-break-after:avoid;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; a

50% limited liability company membership interest in a limited liability

company that owns the Avalon Terrace community.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">The

following is a combined summary of the financial position of these joint

ventures as of the dates presented:</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&#160;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.52%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="31%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:31.04%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">(Unaudited)</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.2%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-01</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.6%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">12-31-00</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Assets:</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.2%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Real estate, net</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">146,190</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">132,832</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Other assets</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.2%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">10,810</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">10,400</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.2%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Total assets</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">157,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">143,232</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Liabilities and partners' equity:</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.2%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Mortgage notes payable</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">47,195</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">48,400</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Other liabilities</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.2%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">9,487</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">8,656</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Partners' equity</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.2%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">100,318</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">86,176</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.2%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="65%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Total liabilities and partners' equity</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">157,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.12%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.48%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">143,232</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">The following is a

combined summary of the operating results of these joint ventures for the

periods presented:</font></font></p>



<p align="center" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="30%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:30.6%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Three

  months ended</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="30%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:30.58%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Nine

  months ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="30%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:30.6%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">(unaudited)</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="30%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:30.58%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">(unaudited)</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.28%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-01</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.02%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.3%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-00</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.28%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-01</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.06%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.24%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-00</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Rental income</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">7,384</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">5,645</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">21,621</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">16,434</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Other income</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">31</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">20</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">142</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">27</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Operating and other expenses</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(2,375</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,597</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(6,865</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(4,363</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Mortgage interest expense</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(621</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(274</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,965</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(816</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Depreciation expense</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1,103</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(808</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(3,145</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(2,390</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.24%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net income</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,316</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,986</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">9,788</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">8,892</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">The

Company also holds a 25% limited liability company membership interest in

Avalon on the Sound, which is presented on a consolidated basis in the

financial statements in accordance with GAAP due to the Company&#146;s significant

influence over that entity.&#160; Operating

results for the nine months ended September 30, 2001 reflect reclassifications

made to amounts in prior periods&#146; financial statements to conform with current

period presentations.</font></font></p>



<p align="center" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">7.&#160;&#160; <u>Communities Held for

Sale</u></font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">The Company has a policy of disposing of

assets that are not consistent with its long-term investment criteria when

market conditions are favorable.&#160; In connection

with this strategy, the Company solicits competing bids from unrelated parties

for individual assets, and considers the sales price and tax ramifications of

each proposal.&#160; In connection with this

policy, the Company sold four communities during the nine months ended

September 30, 2001 and six communities during the nine months ended September

30, 2000.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">Management intends to market additional

communities for sale in 2001.&#160; However,

there can be no assurance that such assets will be sold, or that we will sell

the assets on financially advantageous terms.&#160;

The assets targeted for sale include land, buildings and improvements

and furniture, fixtures and equipment, and are recorded at the lower of cost or

fair value less estimated selling costs.&#160;

The Company has not determined a need to recognize a write-down in this

real estate to arrive at net realizable value, although there can be no

assurance that the Company can sell these assets for amounts that equal or

exceed its estimates of net realizable value. At September 30, 2001, total real

estate held for sale, net of accumulated depreciation, totaled $73,851.&#160; Certain individual assets are secured by

mortgage indebtedness which may be assumed by the purchaser or repaid by the

Company from the net sales proceeds.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The Company&#146;s Condensed Consolidated Statements of Operations and Other

Comprehensive Income include net income of the communities held for sale at

September 30, 2001 of $1,599 and $697 for the three months ended September 30,

2001 and 2000, respectively, and $3,937 and $2,208 for the nine months ended

September 30, 2001 and 2000, respectively.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">8.&#160; <u>Segment Reporting</u></font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The Company&#146;s reportable

operating segments include Established Communities, Other Stabilized

Communities, and Development/Redevelopment Communities:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .75in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Established Communities</font></i> (also known as

Same Store Communities) are communities where a comparison of operating results

from the prior year to the current year is meaningful, as these communities

were owned and had stabilized occupancy and costs as of the beginning of the

prior year. These communities are divided into geographic regions.&#160; We determine which of our communities fall

into the Established Communities category annually on January 1<sup>st</sup> of

each year and maintain that classification throughout the year.&#160; For the year 2001, the Established

Communities were communities that had stabilized occupancy and costs as of

January 1, 2000. We consider a community to have stabilized occupancy at the

earlier of (i) attainment of 95% occupancy or (ii) the one-year anniversary of

completion of development or redevelopment.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .75in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .75in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Other Stabilized</font></i> includes all other

completed communities that have stabilized occupancy and communities held for

sale.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .75in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .75in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Development/Redevelopment</font></i> consists of

communities that are under construction and have not received a final

certificate of occupancy and communities where substantial redevelopment is in

progress or is planned to take place during the current year.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .75in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The primary financial measure for Established and Other Stabilized

Communities is Net Operating Income (&#147;NOI&#148;), which represents total revenue

less operating expenses and property taxes.&#160;

The primary performance measure for communities under development or

redevelopment depends on the stage of completion.&#160; While under development, management monitors actual construction

costs against budgeted costs as well as economic occupancy.&#160; While under lease-up, the primary

performance measures for these assets are lease-up pace compared to budget and

rent levels compared to budget.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net Operating Income for each community is generally equal to that

community&#146;s contribution to Funds from Operations (&#147;FFO&#148;), except that interest

expense related to indebtedness secured by an individual community and

depreciation and amortization on non-real estate assets are not included in the

community&#146;s NOI although such expenses decrease the Company&#146;s consolidated net

income and FFO.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The segments are classified based on the individual community&#146;s status

as of the beginning of the given calendar year.&#160; Therefore, each year the composition of communities within each

business segment is adjusted.&#160;

Accordingly, the amounts between years are not directly comparable.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">The accounting policies applicable to the

operating segments described above are the same as those described in the

summary of significant accounting policies.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">(Dollars in thousands)</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.3%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:3.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.42%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.42%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:7.3%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="36%" colspan="13" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:36.86%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">Three months ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="33%" colspan="13" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:33.3%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">Nine months ended </font></font></b></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="25%" rowspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" rowspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" rowspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">Total revenue</font></font></b></p>

  </td>

  <td width="1%" rowspan="2" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:1.4%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="18%" colspan="6" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:18.56%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" rowspan="2" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:2.3%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" rowspan="2" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">Gross real estate</font></font></b></p>

  </td>

  <td width="1%" rowspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" rowspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">Total revenue</font></font></b></p>

  </td>

  <td width="1%" rowspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" rowspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" rowspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">Gross real estate</font></font></b></p>

  </td>

  <td width="0%" rowspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; &nbsp;</font></font></p>

  </td>

 </tr>

 <tr height="32" style="height:24.35pt;">

  <td width="7%" colspan="3" height="32" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;height:24.35pt;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">Net operating income</font></font></b></p>

  </td>

  <td width="1%" height="32" valign="bottom" style="height:24.35pt;padding:0in 0in 0in 0in;width:1.28%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" height="32" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;height:24.35pt;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">% NOI change from prior year period</font></font></b></p>

  </td>

  <td width="6%" colspan="2" height="32" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;height:24.35pt;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">Net operating income</font></font></b></p>

  </td>

  <td width="1%" colspan="2" height="32" valign="bottom" style="height:24.35pt;padding:0in 0in 0in 0in;width:1.24%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" height="32" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;height:24.35pt;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">% NOI change from prior year period</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">For the three and nine

  months ended 9-30-01</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Segment Results</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Established</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Northeast</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">28,913</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.2%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">20,316</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">8.2</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">570,374</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.74%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">85,079</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.74%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.1%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">60,683</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">8.4</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.74%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">570,374</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Mid-Atlantic</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">20,801</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">15,206</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">8.9</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">437,453</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">61,292</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">44,552</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">8.5</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">437,453</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Midwest</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">5,260</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">3,241</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">0.5</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">144,607</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">15,831</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">9,758</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2.1</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">144,607</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Pacific Northwest</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1,724</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1,227</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">0.5</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">60,408</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">5,167</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">3,803</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">4.4</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">60,408</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Northern California</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">39,420</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">29,814</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1.8</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1,215,580</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">120,684</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">93,415</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">12.8</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1,215,580</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Southern California</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">10,757</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">7,559</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">6.8</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">294,618</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">31,634</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">22,308</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">9.9</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">294,618</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Total Established</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">106,875</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">77,363</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">5.2</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,723,040</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">319,687</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">234,519</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">9.9</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,723,040</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Other Stabilized</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">40,368</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">27,647</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">10.8</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1,072,491</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">122,500</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">85,999</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">22.1</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1,072,491</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Development / Redevelopment</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">16,026</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">9,740</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">50.2</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">854,992</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">39,198</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">23,951</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">30.6</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">854,992</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Land Held for Future

  Development</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">55,664</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">55,664</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Non-Allocated</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">27,919</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">27,919</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Total AvalonBay</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">163,269</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.2%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">114,750</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">9.3</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.74%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">4,734,106</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.74%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.58%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">481,385</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.74%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.1%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">344,469</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">14.0</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.74%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:5.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">4,734,106</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">For the three and nine

  months ended 9-30-00</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Segment Results</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Established</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Northeast</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">23,362</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.2%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">16,109</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">7.8</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.74%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">485,316</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.74%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.58%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">68,449</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.74%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.1%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">48,241</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">7.3</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.74%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">485,316</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Mid-Atlantic</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">17,493</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">12,532</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">10.9</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">391,956</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">50,868</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">36,664</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">8.9</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">391,956</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Midwest</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">5,176</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">3,225</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">0.3</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">144,338</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">15,245</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">9,554</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">5.2</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">144,338</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Pacific Northwest</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">946</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">696</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1.5</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">34,417</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,826</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,095</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">24.2</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">34,417</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Northern California</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">27,457</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">20,940</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">17.9</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">936,683</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">78,315</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">59,729</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">12.9</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">936,683</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Southern California</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">5,943</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">4,230</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">12.3</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">158,024</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">17,324</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">12,212</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">12.2</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">158,024</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Total Established</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">80,377</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">57,732</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">11.7</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,150,734</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">233,027</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">168,495</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">10.0</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,150,734</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Other Stabilized</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">49,905</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">35,849</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">9.8</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1,382,426</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">145,965</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">103,919</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">17.6</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1,382,426</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Development / Redevelopment</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">16,069</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">11,466</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">97.6</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">860,658</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">42,405</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">29,828</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">99.5</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">860,658</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Land Held for Future

  Development</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">57,332</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">57,332</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Non-Allocated</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">24,852</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">n/a</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">24,852</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.32%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Total AvalonBay</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.6%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">146,351</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.2%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">105,047</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:9.36%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">16.6</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.74%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">4,476,002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.74%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.58%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">421,397</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.74%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.1%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">302,242</font></font></p>

  </td>

  <td width="1%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.24%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="8%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">17.8</font></font></p>

  </td>

  <td width="2%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.74%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:5.52%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">4,476,002</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr height="0">

  <td width="186" style="border:none;"></td>

  <td width="9" style="border:none;"></td>

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  <td width="47" style="border:none;"></td>

  <td width="4" style="border:none;"></td>

  <td width="9" style="border:none;"></td>

  <td width="14" style="border:none;"></td>

  <td width="53" style="border:none;"></td>

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  <td width="6" style="border:none;"></td>

  <td width="3" style="border:none;"></td>

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</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">Operating expenses as reflected on the

Condensed Consolidated Statements of Operations and Comprehensive Income

include $7,057 and $7,244 for the three months ended September 30, 2001 and

2000, respectively, and $25,002 and $20,422 for the nine months ended September

30, 2001 and 2000, respectively, of property management overhead costs that are

not allocated to individual communities.&#160;

These costs are not reflected in NOI as shown in the above tables.&#160; The amount reflected for &#147;Communities held

for sale&#148; on the Condensed Consolidated Balance Sheets is net of $6,482 of

accumulated depreciation as of September 30, 2001.</font></font></p>



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<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;page-break-after:avoid;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160; <u> Subsequent Events</u></font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">The

Company announced during the third quarter that it had begun construction on

Avalon Madison in downtown Seattle, Washington.&#160; Given the uncertain national economy and deteriorating market

conditions in Seattle, the Company has elected to defer construction of Avalon

Madison until economic conditions improve.</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">In

October 2001, the Company redeemed all 4,300,000 outstanding shares of its

8.96% Series G Cumulative Redeemable Preferred Stock at a price of $25.00 per

share, plus $0.4418 in accrued and unpaid dividends, for an aggregate

redemption price of $25.4418 per share.</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">In

October 2001, the Company announced the suspension of its Dividend Reinvestment

and Stock Purchase Plan (the &#147;Plan&#148;) until further notice.&#160; Accordingly, stockholders can not purchase

shares of AvalonBay common stock under the Plan, whether with an optional cash

payment or a reinvestment of dividends, until the Company announces that it has

resumed the Plan.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></b></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;margin:0in 0in .0001pt;"><a name="Item2_ManagmentsDiscussionAndAnaly"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">ITEM 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; MANAGMENT&#146;S DISCUSSION AND

ANALYSIS OF FINANCIAL CONDITION </font></font></b></a></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; AND RESULTS OF

OPERATIONS</font></font></b></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Forward-Looking

Statements</font></font></u></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">This Form 10-Q, including the footnotes to our Condensed Consolidated

Financial Statements, contains &#147;forward-looking statements&#148; as that term is

defined under the Private Securities Litigation Reform Act of 1995.&#160; You can identify forward-looking statements

by our use of the words &#147;believe,&#148; &#147;expect,&#148; &#147;anticipate,&#148; &#147;intend,&#148;

&#147;estimate,&#148; &#147;assume,&#148; &#147;project,&#148; and other similar expressions in this Form

10-Q, that predict or indicate future events and trends or that do not report

historical matters.&#160; In addition,

information concerning the following are forward-looking statements:</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-align:left;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:12.0pt;">&#149;</font></font><font face="Times New Roman"><font style="font-family:'Times New Roman';">&#160;&#160;&#160;&#160;&#160; the timing and cost of completion of

apartment communities under construction, reconstruction, development or

redevelopment;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-align:left;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:12.0pt;">&#149;</font></font><font face="Times New Roman"><font style="font-family:'Times New Roman';">&#160;&#160;&#160;&#160;&#160; the timing of lease-up and occupancy of

apartment communities;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-align:left;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:12.0pt;">&#149;</font></font><font face="Times New Roman"><font style="font-family:'Times New Roman';">&#160;&#160;&#160;&#160;&#160; the pursuit of land on which we are

considering future development;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-align:left;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:12.0pt;">&#149;</font></font><font face="Times New Roman"><font style="font-family:'Times New Roman';">&#160;&#160;&#160;&#160;&#160; cost, yield and earnings estimates; and</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-align:left;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:12.0pt;">&#149;</font></font><font face="Times New Roman"><font style="font-family:'Times New Roman';">&#160;&#160;&#160;&#160;&#160; the development of management information

systems by companies in which we have an investment and our implementation and

use of those systems.</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in .5in .0001pt 0in;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We cannot assure the future results or outcome of the matters described

in these statements; rather, these statements merely reflect our current

expectations of the approximate outcomes of the matters discussed. You should

not rely on forward-looking statements because they involve known and unknown

risks, uncertainties and other factors, some of which are beyond our

control.&#160; These risks, uncertainties and

other factors may cause our actual results, performance or achievements to

differ materially from the anticipated future results, performance or

achievements expressed or implied by these forward-looking statements.&#160; Some of the factors that could cause our

actual results, performance or achievements to differ materially from those

expressed or implied by these forward-looking statements include, but are not

limited to, the following:</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-align:left;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:12.0pt;">&#149;</font></font><font face="Times New Roman"><font style="font-family:'Times New Roman';">&#160;&#160;&#160;&#160;&#160; we may fail to secure development

opportunities due to an inability to reach agreements with third parties or to

obtain desired zoning and other local approvals;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-align:left;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:12.0pt;">&#149;</font></font><font face="Times New Roman"><font style="font-family:'Times New Roman';">&#160;&#160;&#160;&#160;&#160; we may abandon or defer development

opportunities for a number of reasons, including changes in local market

conditions which make development less desirable, increases in costs of

development and increases in the cost of capital;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-align:left;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:12.0pt;">&#149;</font></font><font face="Times New Roman"><font style="font-family:'Times New Roman';">&#160;&#160;&#160;&#160;&#160; construction costs of a community may

exceed our original estimates;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-align:left;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:12.0pt;">&#149;</font></font><font face="Times New Roman"><font style="font-family:'Times New Roman';">&#160;&#160;&#160;&#160;&#160; we may not complete construction and

lease-up of communities under development or redevelopment on schedule,

resulting in increased interest expense, construction costs and reduced rental

revenues;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-align:left;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:12.0pt;">&#149;</font></font><font face="Times New Roman"><font style="font-family:'Times New Roman';">&#160;&#160;&#160;&#160;&#160; occupancy rates and market rents may be

adversely affected by local economic and market conditions which are beyond our

control;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-align:left;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:12.0pt;">&#149;</font></font><font face="Times New Roman"><font style="font-family:'Times New Roman';">&#160;&#160;&#160;&#160;&#160; financing may not be available on

favorable terms or at all, and our cash flow from operations and access to cost

effective capital may be insufficient for the development of our pipeline and

could limit our pursuit of opportunities;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-align:left;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:12.0pt;">&#149;</font></font><font face="Times New Roman"><font style="font-family:'Times New Roman';">&#160;&#160;&#160;&#160;&#160; our previous or possible future expansion

into new geographic market areas may not produce financial results that are

consistent with our historical performance;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-align:left;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:12.0pt;">&#149;</font></font><font face="Times New Roman"><font style="font-family:'Times New Roman';">&#160;&#160;&#160;&#160;&#160; our cash flow may be insufficient to meet

required payments of principal and interest, and we may be unable to refinance

existing indebtedness or the terms of such refinancing may not be as favorable

as the terms of existing indebtedness;</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-align:left;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:12.0pt;">&#149;</font></font><font face="Times New Roman"><font style="font-family:'Times New Roman';">&#160;&#160;&#160;&#160;&#160; we may be unsuccessful in managing our

current growth in the number of apartment communities; and</font></font></p>



<p align="left" style="font-family:'CG Times';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-align:left;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:12.0pt;">&#149;</font></font><font face="Times New Roman"><font style="font-family:'Times New Roman';">&#160;&#160;&#160;&#160;&#160; software applications and ancillary

services being developed by companies in which we have invested may be

unsuccessful in achieving their business plans or unsuccessful in obtaining

additional funding, which could lead to a partial or complete loss of the

investment in these companies.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">You should read our unaudited Condensed Consolidated Financial Statements

and notes included in this report and the audited financial statements for the

year ended December 31, 2000 and the notes included in our annual report on

Form 10-K in conjunction with the following discussion.&#160; These forward-looking statements represent

our estimates and assumptions only as of the date of this report.&#160; We do not undertake to update these

forward-looking statements, and you should not rely upon them after the date of

this report.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Business Description and Community Information</font></font></u></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">AvalonBay is a

Maryland corporation that has elected to be treated as a real estate investment

trust, or REIT, for federal income tax purposes.&#160; We focus on the ownership and operation of upscale apartment

communities (which generally command among the highest rents in their

submarkets) in high barrier-to-entry markets of the United States.&#160; This is because we believe that the limited

new supply of upscale apartment homes in these markets helps achieve more

predictable growth in cash flows. These barriers-to-entry generally include a

difficult and lengthy entitlement process with local jurisdictions and dense

in-fill locations where zoned and entitled land is in limited supply.&#160; These markets are located in the Northeast,

Mid-Atlantic, Midwest, Pacific Northwest, and Northern and Southern California

regions of the United States.</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We are a

fully-integrated real estate organization with in-house expertise in the

following areas:</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; development

and redevelopment;</p>



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and reconstruction;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; leasing and

management;</p>



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and disposition;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; financing;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; marketing;

and</p>



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technologies.</p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We believe

apartment communities present an attractive investment opportunity compared to

other real estate investments because a broad potential resident base results

in relatively stable demand during all phases of a real estate cycle.&#160; With our expertise and in-house

capabilities, we believe we are well-positioned to continue to pursue

opportunities to develop and acquire upscale apartment homes in our target

markets.&#160; Our ability to pursue

attractive opportunities, however, may be constrained by capital market

conditions that limit the availability of cost effective capital to finance

these activities.&#160; Given current capital

market and transactional related conditions, we are carefully considering the

appropriate allocation of capital investment among development and

redevelopment communities as well as the acquisition of established

communities.&#160; We intend to pursue these

investments in markets where constraints to new supply exist and where new

household formations have out-paced multifamily permit activity in recent

years.&#160; See &#147;Liquidity and Capital

Resources&#148; and &#147;Future Financing and Capital Needs.&#148;</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Our real estate

investments consist primarily of current operating apartment communities,

communities in various stages of development, and land or land options held for

development.&#160; The following is a

description of each category:</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Current Communities</font></font></u> are categorized

as Established, Other Stabilized, Lease-Up, or Redevelopment according to the

following attributes:</p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .75in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Established Communities</font></i> (also known as

Same Store Communities) are communities where a comparison of operating results

from the prior year to the current year is meaningful, as these communities

were owned and had stabilized occupancy and costs as of the beginning of the

prior year.&#160; We determine which of our

communities fall into the Established Communities category annually on January

1<sup>st</sup> of each year and maintain that classification throughout the

year.&#160; For the year 2001, the

Established Communities were communities that had stabilized occupancy and

costs as of January 1, 2000.&#160; We

consider a community to have stabilized occupancy at the earlier of (i)

attainment of 95% occupancy or (ii) the one year anniversary of completion of

development or redevelopment.</p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .75in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Other Stabilized Communities</font></i> are all other

completed communities that have stabilized occupancy and are not conducting or

planning redevelopment activities.&#160;

Other Stabilized Communities therefore include communities that were

either acquired or achieved stabilization after January 1, 2000 and that were

not conducting or planning to start redevelopment activities within the current

year.</p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .75in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Lease-Up Communities</font></i> are communities where

construction has been complete for less than one year and where occupancy has

not reached 95%.</p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .75in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Redevelopment Communities </font></i>are communities

where substantial redevelopment is in progress or is planned to take place

during the current year.&#160; Redevelopment

is considered substantial when capital invested during the reconstruction

effort exceeds the lesser of $5 million or 10% of the community&#146;s acquisition

cost.</p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Development

Communities</font></font></u> are communities that are under construction and

for which a final certificate of occupancy has not been received.&#160; These communities may be partially complete

and operating.</p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Development Rights</font></font></u>

are development opportunities in the early phase of the development process,

which are usually represented by one of the following: we have an option to

acquire land, we are the buyer under a long-term conditional contract to

purchase land, or we own land for possible future development of a new

community.&#160; With few exceptions, we

capitalize pre-development costs incurred in pursuit of these new developments.</p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">As of September

30, 2001, our communities were classified as follows:</font></font></p>



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  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

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  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

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  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

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  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Established Communities:</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

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  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

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  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

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  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Northeast</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">20</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

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  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">5,416</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Mid-Atlantic</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">18</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">5,297</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Midwest</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,591</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Pacific Northwest</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">486</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Northern California</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">27</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">7,851</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Southern California</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">11</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,112</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Total Established</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">84</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">23,753</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Other Stabilized Communities:</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Northeast</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">15</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,958</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Mid-Atlantic</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">615</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Midwest</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,033</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Pacific Northwest</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">9</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,573</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Northern California</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,038</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Southern California</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,957</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Total Other Stabilized</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">38</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">11,174</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Lease-Up Communities</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">510</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Redevelopment Communities</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,917</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Total Current Communities</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">126</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">37,354</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Development Communities</font></font></u></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">15</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,886</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.8%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.8%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Development Rights</font></font></u></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

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  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">31</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

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<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">In October, we

sold a community containing 57 apartment homes which was combined with an

existing current community for reporting purposes.&#160; As of November 1, 2001, our 126 apartment home communities

consisted of 37,297 apartment homes.&#160; Of

those communities, we owned:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font><font size="1" face="Times"><font style="font-family:Times;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font>a

fee simple, or absolute, ownership interest in 103 operating communities, one

of which is on land subject to a 149 year land lease;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font><font size="1" face="Times"><font style="font-family:Times;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font>a

general partnership interest in four partnerships that each own a fee simple

interest in an operating community;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font><font size="1" face="Times"><font style="font-family:Times;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font>a

general partnership interest in four partnerships structured as &#147;DownREITs,&#148; as

described more fully below, that own an aggregate of 17 communities;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font><font size="1" face="Times"><font style="font-family:Times;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font>a

100% interest in a senior participating mortgage note secured by one community,

which allows us to share in part of the rental income or resale proceeds of the

community; and</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font><font size="1" face="Times"><font style="font-family:Times;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font>a

membership interest in a limited liability company that holds a fee simple

interest in one Redevelopment Community.
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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We also hold a fee

simple ownership interest in thirteen of the Development Communities, and

membership interests in two separate partnerships that each hold a fee simple

interest in a Development Community.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">In each of the

four partnerships structured as DownREITs, either AvalonBay or one of our

wholly-owned subsidiaries is the general partner, and there are one or more

limited partners whose interest in the partnership is represented by units of

limited partnership interest.&#160; For each

DownREIT partnership, limited partners are entitled to receive distributions

before any distribution is made to the general partner.&#160; Although the partnership agreements for each

of the DownREITs are different, generally the distributions per unit paid to

the holders of units of limited partnership interests approximate the current

AvalonBay common stock dividend amount.&#160;

Each DownREIT partnership has been structured so that it is unlikely the

limited partners will be entitled to a distribution greater than the initial

distribution provided for in the partnership agreement.&#160; The holders of units of limited partnership

interest have the right to present each unit of limited partnership interest

for redemption for cash equal to the fair market value of a share of AvalonBay

common stock on the date of redemption.&#160;

In lieu of cash, we may elect to acquire any unit presented for redemption

for one share of our common stock.&#160; As

of September 30, 2001, there were 671,083 units outstanding.&#160; The DownREIT partnerships are consolidated

for financial reporting purposes.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">At September 30, 2001, we had positioned our portfolio of Stabilized

Communities, excluding communities owned by unconsolidated joint ventures, to

an average physical occupancy level of 95.7%.&#160;

Our strategy is to maximize total rental revenue through management of

rental rates and occupancy levels. This strategy of maximizing total rental

revenue could lead to lower occupancy levels.&#160;

We expect that any rental revenue and net income gains that are achieved

will be realized through higher rental rates and lower average operating costs

as well as from growth in our portfolio from development and acquisition

activities.&#160; Occupancy in many of our

markets has declined from historically high levels in 2000.&#160; We expect further declines in occupancy

levels as certain markets continue to respond to supply-demand fundamentals.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We elected to be

taxed as a REIT for federal income tax purposes for the year ended December 31,

1994 and we have not revoked that election.&#160;

We were incorporated under the laws of the State of California in 1978,

and we were reincorporated in the State of Maryland in July 1995.&#160; Our principal executive offices are located

at 2900 Eisenhower Avenue, Suite 300, Alexandria, Virginia, 22314, and our

telephone number at that location is (703) 329-6300.&#160; We also maintain regional offices and administrative or specialty

offices in or near the following cities:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; San Jose,

California;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; Wilton,

Connecticut;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; Boston,

Massachusetts;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; Chicago,

Illinois;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; Woodbridge,

New Jersey;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; Newport

Beach, California;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; New York, New

York; and</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; Seattle,

Washington.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<u><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Recent Developments</font></font></u></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The terrorist

attacks on the World Trade Center and the Pentagon have had an immediate impact

on global economic and social conditions.&#160;

While the future impact of these and related events are unknown, we do

not believe that our financial condition or operations will be directly and

adversely impacted in a material way other than as relates to any acceleration

in the decline in the economy caused by these events.&#160; We own interests in a total of 39 apartment communities located

in or near, or in submarkets proximate to, New York City and Washington, D.C.

that contain approximately 12,277 apartment homes, representing approximately

30% of AvalonBay's total portfolio (including 2,653 homes at 7 communities that

are in development or lease-up).</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Considering the

communities' proximity to these two cities, there is some short-term

uncertainty as to the rents that can be achieved at communities that are either

in lease-up currently or expected to begin lease-up in the near term.&#160; The attacks also could decrease consumer

confidence, and the resulting decline in the U.S. and local economies could

impact future rent growth. At present, it is not possible to predict either the

severity or duration of such declines.&#160;

Adverse economic conditions could also result in decreased or delayed

development of new communities, which could result in decreased earnings

growth.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Notwithstanding the above, in the long-term we believe that the real

estate fundamentals for the metropolitan New York and Washington, D.C.

apartment markets will not be materially impacted by the events of September

11.&#160; We expect that assets in these

markets will contribute long-term growth and stability to our portfolio, and we

remain committed to maintaining a significant investment in these markets.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">&nbsp;</font></font></i></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Sales

of Existing Communities. </font></font></i>We seek to allocate capital in order

to optimize the level of our geographical concentration in selected high

barrier-to-entry markets where we believe we can:</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; apply

sufficient market and management presence to enhance revenue growth;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; reduce

operating expenses; and</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; leverage

management talent.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">To effect this optimal concentration, we are selling assets in certain

submarkets and intend to redeploy the proceeds from those sales to develop and

redevelop communities currently under construction or reconstruction.&#160; Pending such redeployment, we will generally

use the proceeds from the sale of these communities to reduce amounts

outstanding under our variable rate unsecured credit facility.&#160; On occasion, we will set aside the proceeds

from the sale of communities into a cash escrow account to facilitate a

like-kind exchange transaction.&#160;

Accordingly, we sold three communities during the three months ended

September 30, 2001 containing 1,708 apartment homes for net proceeds of approximately

$152,600,000.&#160; We intend to dispose of

additional assets as described more fully under &#147;Future Financing and Capital

Needs.&#148;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Development

and Redevelopment Activities. </font></font></i>&#160;During the three months ended September 30, 2001, we completed the

development of one community, Avalon at Arlington Square I, located in

Arlington, Virginia. This community, containing 510 apartment homes, was

completed for a total investment of $69,900,000.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We also commenced the development of three communities during the third

quarter of 2001, Avalon at Flanders Hill (located in Westborough,

Massachusetts), Avalon New Canaan (located in New Canaan, Connecticut) and

Avalon at Arlington Square II (located in Arlington, Virginia).&#160; When completed, these communities are

expected to contain a total of 716 apartment homes with a projected total

investment of $109,500,000.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The development

and redevelopment of communities involves risks that the investment will fail

to perform in accordance with our expectations.&#160; See &#147;Risks of Development and Redevelopment&#148; for our discussion

of these and other risks inherent in developing or redeveloping communities.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Results of Operations and Funds From Operations</font></font></u></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">A comparison of our operating results for the three

and nine months ended September 30, 2001 and September 30, 2000 follows (dollars

in thousands):</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



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  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

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  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.02%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.54%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" colspan="10" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:32.88%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">For the three months ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" colspan="10" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:32.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">For the nine&#160;

  months ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">9-30-01</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:1.6%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">9-30-00</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:1.6%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">$</font></font></b></p>

  </td>

  <td width="6%" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">Change</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">% Change</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">9-30-01</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">9-30-00</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">$</font></font></b></p>

  </td>

  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">Change</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold;">% Change</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Revenue:</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Rental income</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">162,822</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">145,954</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">16,868</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">11.6</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">480,083</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">420,371</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">59,712</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">14.2</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Management fees</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">336</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">261</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">75</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">28.7</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">985</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">761</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">224</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">29.4</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Other income</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">111</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">136</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(25</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(18.4</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)%</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">317</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">265</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">52</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">19.6</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Total revenue</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">163,269</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">146,351</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">16,918</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">11.6</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">481,385</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">421,397</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">59,988</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">14.2</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Expenses:</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Operating expenses,

  excluding property taxes</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">42,205</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">36,390</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">5,815</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">16.0</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">122,837</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">104,860</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">17,977</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">17.1</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Property taxes</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">13,371</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">12,158</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1,213</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">10.0</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">39,081</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">34,717</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">4,364</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">12.6</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Total operating expenses</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">55,576</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">48,548</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">7,028</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">14.5</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">161,918</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">139,577</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">22,341</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">16.0</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Net Operating Income</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">107,693</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">97,803</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">9,890</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">10.1</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">319,467</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">281,820</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">37,647</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">13.4</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Interest expense</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">26,701</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">21,385</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">5,316</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">24.9</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">75,138</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">61,815</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">13,323</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">21.6</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Depreciation expense</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">32,165</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">30,599</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1,566</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">5.1</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">95,455</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">91,227</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">4,228</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">4.6</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">General and administrative</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">3,421</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">3,359</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">62</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1.8</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">10,969</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">9,591</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1,378</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">14.4</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Total other expenses</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">62,287</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">55,343</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">6,944</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">12.5</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">181,562</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">162,633</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">18,929</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">11.6</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Equity in income of

  unconsolidated joint ventures</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">599</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">721</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(122</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(16.9</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)%</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">527</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,117</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(1,590</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(75.1</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Interest income</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1,599</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1,277</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">322</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">25.2</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">4,876</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">3,245</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1,631</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">50.3</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Minority interest of

  unitholders in consolidated partnerships</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(34</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(485</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">451</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(93.0</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)%</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(522</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(1,499</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">977</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(65.2</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Income before gain on sale

  of communities</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">47,570</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">43,973</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">3,597</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">8.2</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">142,786</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">123,050</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">19,736</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">16.0</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Gain on sale of communities</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">39,098</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">14,521</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">24,577</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">169.3</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">43,999</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">33,273</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">10,726</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">32.2</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Net income</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">86,668</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">58,494</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">28,174</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">48.2</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">186,785</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">156,323</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">30,462</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">19.5</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Preferred dividends</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(7,439</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(9,944</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,505</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(25.2</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)%</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(26,771</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(29,834</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">3,063</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(10.3</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)%</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.54%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Net income available to

  common stockholders</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">79,229</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">48,550</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">30,679</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">63.2</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">160,014</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">126,489</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">33,525</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:7.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">26.5</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">%</font></font></p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<i><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;font-style:italic;">
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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Net income available to common

stockholders </font></font></i>increased $30,679,000 (63.2%) to $79,229,000 for

the three months ended September 30, 2001 and increased by $33,525,000 (26.5%)

to $160,014,000 for the nine months ended September 30, 2001 compared to the

same periods of 2000.&#160; Excluding

separation costs related to the departure of a senior executive and gain on

sale of communities, net income available to common stockholders increased by

$6,102,000 for the three months ended September 30, 2001 and $25,292,000 for the

nine months ended September 30, 2001 compared to the same periods of 2000.&#160; These increases in net income, as adjusted,

for the three and nine months ended September 30, 2001 are primarily

attributable to additional operating income from newly developed and

redeveloped communities as well as growth in operating income from Established

Communities.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">As discussed in &#147;Recent Developments &#150; Sales of

Existing Communities&#148; and &#147;Future Financing and Capital Needs,&#148; we funded a

portion of our development and redevelopment activities through the sale of

assets which do not meet our long-term investment criteria.&#160; The short-term effect of a sale of a

community is that net operating income will be negatively impacted because that

community&#146;s contribution to net operating income has been eliminated and the

development or redevelopment community in which the proceeds from the sale are

being invested is not yet complete.&#160;

Interest expense will also decrease as the proceeds from the sale of

communities are initially used to repay amounts outstanding on our unsecured

credit facility.&#160; We believe this

strategy will contribute, over time, to increased net operating income because

our historical experience has been that net operating income attributable to

newly developed and redeveloped communities is higher than net operating income

of assets sold or identified for sale.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The increase in

net operating income of $37,647,000 for the nine months ended September 30,

2001 as compared to the same period of 2000 is attributable to:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; an increase

of $9,462,000 related to communities where development activities,

redevelopment activities or acquisitions were completed subsequent to January

1, 2000;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; an increase

of $21,119,000 related to Established Communities;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; a decrease of

$10,697,000 related to communities sold subsequent to January 1, 2000;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; an increase

of $22,343,000 related to all other communities; and</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; less

$4,580,000 related to an increase in unallocated overhead expense including

$2,493,000 of executive separation costs.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .5in;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Depreciation expense is impacted by the timing of

asset sales, acquisitions and completion of development or redevelopment

activities.&#160; Gain on sale of communities

is impacted by the number of assets sold in a given period, the carrying value

of those assets, and the local market conditions in which the individual assets

are located.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Rental

income </font></font></i>increased 11.6% for the three months ended and 14.2%

for the nine months ended September 30, 2001 primarily due to an increase in

the weighted average monthly rental income per occupied apartment home and an

increase in the weighted average number of occupied apartment homes.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Overall Portfolio - Rental revenue increased

$16,868,000 (11.6%) for the three months ended September 30, 2001 compared to

the same period of 2000.&#160; Rental revenue

increased $59,712,000 (14.2%) for the nine months ended September 30, 2001

compared to the same period of 2000. The weighted average number of occupied

apartment homes increased to 34,995 apartment homes for the nine months ended

September 30, 2001 from 33,941 apartment homes for the nine months ended

September 30, 2000 primarily as a result of development, redevelopment and

acquisition of new communities offset by the sale of communities and occupancy

declines for our portfolio of Established Communities related to softening

conditions in certain of our markets.&#160;

For the nine months ended September 30, 2001, the weighted average

monthly revenue per occupied apartment home increased $148 (10.8%) to $1,523

compared to $1,375 for the same period of 2000, which is primarily attributable

to increased rental rates.&#160; In addition,

the development of new apartment communities with higher average rents and the

sale of communities with lower average rents favorably impacted average revenue

per home.&#160; These newly developed

apartment communities were funded in part from the proceeds of communities sold

in markets where rental rates are lower.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Established Communities &#150; Rental revenue increased

$5,637,000 (5.6%) for the three months ended September 30, 2001 compared to the

same period of 2000.&#160; Rental revenue

increased $26,775,000 (9.1%) for the nine months ended September 30, 2001

compared to the same period of 2000.&#160;

The increase for the nine months is due to market conditions during the

past year that allowed for higher average rents partially offset by lower

economic occupancy levels.&#160; For the nine

months ended September 30, 2001, weighted average monthly revenue per occupied

apartment home increased $149 (10.6%) to $1,556 compared to $1,407 for the same

period of the preceding year.&#160; The

average economic occupancy decreased from 97.6% for the nine months ended

September 30, 2000 to 96.1% for the nine months ended September 30, 2001.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We have observed increased volatility in certain Northern California

sub-markets over the past two years, which accounts for approximately 36.9% of

current Established Community rental revenue.&#160;

While market rental rates increased substantially in 2000, we have

experienced reductions in market rental rates in 2001 (18.1% from January to

September) as market conditions reset to more sustainable levels.&#160; Economic occupancy decreased in the Northern

California region from 97.8% for the nine months ended September 30, 2000 to 94.8%

for the same period of 2001.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Management

fees </font></font></i>increased 28.7% for the three months ended and 29.4% for

the nine months ended September 30, 2001 primarily due to the formation of the

Avalon Terrace joint venture and the management of a new third-party community

in connection with the development of a new community.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-indent:40.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Operating

expenses, excluding property taxes</font></font></i> increased 16.0% for the

three months ended and 17.1% for the nine months ended September 30, 2001

primarily due to the addition of newly developed, redeveloped and acquired

apartment homes, and separation costs of $2,493,000 due to the departure of a

senior executive during the first quarter of 2001.&#160; Maintenance, insurance and other costs associated with

Development and Redevelopment Communities are expensed as communities move from

the initial construction and lease-up phase to the stabilized operating phase.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Established Communities - Operating expenses,

excluding property taxes increased $1,668,000 (8.7%) to $20,775,000 for the

three months ended September 30, 2001 compared to $19,107,000 for the same

period of 2000.&#160; These expenses

increased $5,009,000 (9.2%) to $59,514,000 for the nine months ended September

30, 2001 compared to $54,505,000 for the same period of 2000.&#160; These increases are primarily the result of

higher insurance, marketing and redecorating costs.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt 0in;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Property taxes</font></font></i> increased 10.0% for the

three months ended and 12.6% for the nine months ended September 30, 2001

primarily due to the addition of newly developed, redeveloped or acquired

apartment homes, partially offset by the sale of communities.&#160; Property taxes on Development and

Redevelopment Communities are expensed as communities move from the initial

construction and lease-up phase to the stabilized operating phase.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Established Communities - Property taxes increased $172,000

(2.0%) to $8,737,000 for the three months ended September 30, 2001 compared to

$8,565,000 for the same period of 2000.&#160;

Property taxes increased $674,000 (2.7%) to $25,654,000 for the nine

months ended September 30, 2001 compared to $24,980,000 for the same period of

2000. These increases are primarily due to higher assessments throughout all

regions.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Interest

expense</font></font></i> increased 24.9% for the three months ended and 21.6%

for the nine months ended September 30, 2001 primarily due to the issuance of $350,000,000

of unsecured notes during the second half of 2000 and the issuance of

$300,000,000 of unsecured notes in September 2001.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Depreciation

expense </font></font></i>increased 5.1% for the three months ended and 4.6%

for the nine months ended September 30, 2001 due to the addition of newly

developed, redeveloped and acquired apartment homes, partially offset by the

sale of communities.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<i><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;font-style:italic;">
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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">General

and administrative </font></font></i>increased 1.8% for the three months ended

and 14.4% for the nine months ended September 30, 2001 primarily due to an

increase in office personnel and related payroll costs.&#160; In addition, there was an increase in

compensation expense as costs for certain officers and associates were expensed

in the current period but were capitalized a year ago as those officers and

associates served the Company in a different capacity.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Equity in income of unconsolidated joint ventures</font></font></i>

decreased 16.9% for the three months ended and 75.1% for the nine months ended

September 30, 2001 primarily due to our pro rata share of net losses from a

technology investment accounted for under the equity method as well as a

valuation allowance of $934,000 for the nine months ended September 30, 2001

recorded for an investment in a technology company accounted for under the cost

method.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Interest

income</font></font></i> increased 25.2% for the three months ended and 50.3%

for the nine months ended September 30, 2001 due to an increase in average cash

balances invested.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Gain on

sale of communities</font></font></i> increased $24,577,000 (169.3%) to

$39,098,000 from $14,521,000 for the three months ended September 30, 2001

compared to the same period of the previous year. Gain on sale of communities

increased by $10,726,000 (32.2%) to $43,999,000 from $33,273,000 for the nine

months ended September 30, 2001 compared to the same periods of 2000.&#160; These gains represent the sale of three

communities containing an aggregate of 1,708 apartment homes in the third

quarter of 2001 and three communities consisting of an aggregate of 708

apartment homes in the same period of 2000.&#160;

The gains for the nine months ended September 30 represent the sale of

four communities containing 1,934 apartment homes in the year 2001 and six

communities containing 1,554 apartment homes in the year 2000.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<h1 style="font-family:'Times New Roman';font-size:10.0pt;font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Funds from

Operations</font></font></i></b></h1>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in -16.55pt .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="color:red;font-family:'Times New Roman';font-size:10.0pt;margin:0in 1.45pt .0001pt 0in;"><font size="2" color="black" face="Times New Roman"><font style="color:windowtext;font-size:10.0pt;">We consider Funds from Operations

(&#147;FFO&#148;) to be an appropriate measure of our operating performance because it

helps investors understand our ability to incur and service debt and to make

capital expenditures.&#160; We believe that

to understand our operating results, FFO should be examined with net income as

presented in the Condensed Consolidated Statements of Operations and Other

Comprehensive Income included elsewhere in this report.&#160; FFO is determined based on a definition

adopted by the Board of Governors of the National Association of Real Estate

Investment Trusts</font></font><font color="black" face="Symbol"><font style="color:windowtext;font-family:Symbol;">&#226;</font></font><font color="black"><font style="color:windowtext;">, and is defined as:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 1.45pt .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; net income or loss computed in accordance with generally

accepted accounting principles (&#147;GAAP&#148;), except that excluded from net income

or loss are gains or losses on sales of property and extraordinary (as defined

by GAAP) gains or losses on debt restructuring;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; plus depreciation of real estate assets; and</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; after adjustments for unconsolidated partnerships and joint

ventures.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 1.45pt .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 1.45pt .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">FFO

does not represent cash generated from operating activities in accordance with

GAAP. Therefore it should not be considered an alternative to net income as an

indication of our performance.&#160; FFO

should also not be considered an alternative to net cash flows from operating

activities as determined by GAAP as a measure of liquidity. Additionally, it is

not necessarily indicative of cash available to fund cash needs.&#160; Further, FFO as calculated by other REITs

may not be comparable to our calculation of FFO.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 1.45pt .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<b><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font></b>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">For the three months ended September 30, 2001, FFO increased to

$72,319,000 from $64,498,000 for the same period of 2000.&#160; For the nine months ended September 30,

2001, FFO increased to $211,187,000 from $184,082,000 for the same period of

2000.&#160; These increases are primarily due

</font>to the completion of new Development and Redevelopment Communities as

well as growth in earnings from Established Communities.&#160; </font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.04%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="27%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:27.76%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">For the three months ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="27%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:27.76%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">For the nine months ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.04%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="27%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:27.76%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">(dollars in thousands)</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="27%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:27.76%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">(dollars in thousands)</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-01</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:1.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-00</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-01</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:1.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9-30-00</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="39%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:39.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net income</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">86,668</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">58,494</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">186,785</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">156,323</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Preferred dividends</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(7,439</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(9,944</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(26,771</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(29,834</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="39%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:39.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Depreciation - real estate

  assets</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">31,512</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">29,830</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">93,183</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">88,877</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Joint venture adjustments</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">283</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">200</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">813</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">590</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="39%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:39.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Minority interest expense</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">393</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">439</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,176</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,399</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Gain on sale of communities</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(39,098</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(14,521</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(43,999</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(33,273</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="39%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:39.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Funds from Operations</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">72,319</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">64,498</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">211,187</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">184,082</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.96%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="39%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:39.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net cash provided by

  operating activities</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">63,694</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">80,826</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">235,354</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">204,267</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="39%" valign="bottom" style="padding:0in 0in 0in 0in;width:39.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net cash used in investing

  activities</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(35,748</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(60,583</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(212,969</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(207,643</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="39%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:39.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net cash provided by (used

  in) financing activities</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">159,278</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(11,553</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">121,774</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6,117</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Capitalization of Fixed

Assets and Community Improvements</font></font></u></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Our policy with

respect to capital expenditures is generally to capitalize only non-recurring

expenditures.&#160; We capitalize

improvements and upgrades only if the item:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; exceeds

$15,000;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; extends

the useful life of the asset; and</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; is not

related to making an apartment home ready for the next resident.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Under this policy,

virtually all capitalized costs are non-recurring, as recurring make-ready

costs are expensed as incurred. Recurring make-ready costs include the

following:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; carpet

and appliance replacements;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; floor

coverings;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; interior

painting; and</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; other

redecorating costs.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We capitalize

purchases of personal property, such as computers and furniture, only if the

item is a new addition and the item exceeds $2,500.&#160; We generally expense purchases of personal property made for

replacement purposes.&#160; The application

of these policies for the nine months ended September 30, 2001 resulted in

non-revenue generating capitalized expenditures for Stabilized Communities of

approximately $191 per apartment home.&#160;

For Stabilized Communities, we charged an average of $941 per apartment

home to maintenance expense for the nine months ended September 30, 2001,

including carpet and appliance replacements.&#160;

This compares to $114 and $866 per apartment home for capital

expenditures and maintenance, respectively, expensed for the comparable period

of 2000.&#160; We anticipate that capitalized

costs per apartment home will gradually increase as the average age of our

communities increases.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<u><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font></u>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Liquidity and Capital Resources</font></font></u></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Liquidity.</font></font></i><b><font style="font-weight:bold;">&#160; </font></b>The primary source of liquidity

is our cash flows from operations.&#160;

Operating cash flows have historically been determined by:</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the number of apartment homes;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; rental rates;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; occupancy levels; and</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; our expenses with respect to these

apartment homes.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The timing, source and amount of cash flows provided by financing

activities and used in investing activities are sensitive to the capital

markets environment, particularly to changes in interest rates that are charged

to us as changes in interest rates affect our decision as to whether to issue

debt securities, borrow money and invest in real estate.&#160; Thus, changes in the capital markets

environment affect our plans for the undertaking of construction and

development as well as acquisition activity.</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Cash and cash equivalents

increased $144,159,000 to $201,393,000 for the nine months ended September 30,

2001 compared to an increase in cash and cash equivalents of $2,741,000 to

$10,362,000 for the nine months ended September 30, 2000.</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net cash provided by operating activities totaled

$235,354,000 for the nine months ended September 30, 2001, an increase of

$31,087,000 provided over the same period of 2000. The increase was primarily

attributable to additional operating income from newly developed and

redeveloped communities as well as growth in operating income from Established

Communities partially offset by the sale of communities.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net cash used in investing activities totaled

$212,969,000 for the nine months ended September 30, 2001, an increase of

$5,326,000 used over the same period of 2000.&#160;

This increase is primarily due to an increase in expenditures in

development and redevelopment activity partially offset by an increase in

proceeds from the sale of communities.</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Net cash provided by financing activities totaled

$121,774,000 for the nine months ended September 30, 2001, an increase of

$115,657,000 over the same period of 2000.&#160;

Net cash provided for the nine months ended September 30, 2001 is primarily

due to proceeds from the issuance of $300,000,000 of senior notes in September

2001 partially offset by the redemption of our Series F Preferred Stock.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .25in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We regularly review our short and long-term liquidity needs and the

adequacy of Funds from Operations, as defined above, and other expected

liquidity sources to meet these needs.&#160;

We believe our principal short&#150;term liquidity needs are to fund:</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; normal recurring operating expenses;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; debt service payments;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; the distributions required with respect to

preferred stock;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; the minimum dividend payments required to

maintain our REIT qualification under the Internal Revenue Code of 1986;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; opportunities for the acquisition of

improved property; and</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; development and redevelopment activity in

which we are currently engaged.</p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We anticipate that we can fully satisfy these needs from a combination

of cash flows provided by operating activities and capacity under the unsecured

credit facility.</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">One of our principal long-term liquidity needs is the repayment of

medium and long-term debt at the time at which such debt matures.&#160; We anticipate that no significant portion of

the principal of any indebtedness will be repaid prior to maturity.&#160; If we do not have funds on hand sufficient

to repay our indebtedness, it will be necessary for us to refinance this debt.&#160; This refinancing may be accomplished through

additional debt financing, which may be collateralized by mortgages on

individual communities or groups of communities, by uncollateralized private or

public debt offerings or by additional equity offerings.&#160; We also anticipate having significant

retained cash flow in each year so that when a debt obligation matures, some or

all of each maturity can be satisfied from this retained cash.&#160; Although we believe we will have the

capacity to meet our long-term liquidity needs, we cannot assure you that

additional debt financing or debt or equity offerings will be available or, if

available, that they will be on terms we consider satisfactory.</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Capital

Resources.</font></font></i> We intend to match the long-term nature of our

real estate assets with long-term cost effective capital to the extent

permitted by prevailing market conditions.&#160;

We follow a focused strategy to help facilitate uninterrupted access to

capital.&#160; This strategy includes:</p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 6.0pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; hiring, training and retaining associates

with a strong resident service focus, which should lead to higher rents, lower

turnover and reduced operating costs;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 6.0pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; managing, acquiring and developing upscale

communities in dense locations where the availability of zoned and entitled

land is limited to provide consistent, sustained earnings growth;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 6.0pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; operating in markets with growing demand,

as measured by household formation and job growth, and high

barriers-to-entry.&#160; We believe these

characteristics generally combine to provide a favorable demand-supply balance,

which we believe will create a favorable environment for future rental rate

growth while protecting existing and new communities from new supply.&#160; We expect this strategy to result in a high

level of quality to the revenue stream;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 6.0pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; maintaining a conservative capital

structure, largely comprised of equity, and with modest, cost-effective

leverage. We generally avoid secured debt except in order to obtain low cost,

tax-exempt debt.&#160; We believe that such a

structure should promote an environment whereby current credit ratings levels

can be maintained;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 6.0pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; following accounting practices that

provide a high level of quality to reported earnings; and</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 6.0pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; providing timely, accurate and detailed

disclosures to the investment community.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We believe these strategies provide a disciplined approach to capital

access to help position AvalonBay to fund portfolio growth.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">See &#147;Future Financing and Capital Needs&#148; for a discussion of our view

of the current capital markets environment.</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Variable Rate Unsecured Credit Facility</font></font></u></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Our unsecured revolving credit facility is furnished

by a consortium of banks and provides $500,000,000 in short-term credit.&#160; Under the terms of the credit facility, the

Company has the option of increasing the facility up to $650,000,000.&#160; We pay participating banks an annual

facility fee of $750,000 in equal quarterly installments. <font style="letter-spacing:-.1pt;">The </font>unsecured credit facility<font style="letter-spacing:-.1pt;"> bears interest at varying levels tied to the

London Interbank Offered Rate (LIBOR) based on ratings levels achieved on our

unsecured notes and on a maturity schedule selected by us.&#160; The current stated pricing is LIBOR plus

0.60% per annum (2.9% on November 1, 2001).&#160;

</font>A competitive bid option is available for borrowings of up to

$400,000,000.&#160; This option allows banks

that are part of the lender consortium to bid to provide us loans at a rate

that is lower than the stated pricing provided by the unsecured credit

facility.&#160; The competitive bid option

may result in lower pricing if market conditions allow.&#160; Pricing under the competitive bid option

resulted in average pricing of LIBOR plus 0.43% for amounts most recently

borrowed under the competitive bid option.&#160;

At November 1, 2001, zero was outstanding, $86,691,000 was used to

provide letters of credit and $413,309,000 was available for borrowing under

the unsecured credit facility.&#160; We

intend to use borrowings under the unsecured credit facility for:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;page-break-after:avoid;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; capital expenditures;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;page-break-after:avoid;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; construction, development,

reconstruction and redevelopment costs;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;page-break-after:avoid;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; acquisitions;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;page-break-after:avoid;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; credit enhancement for tax-exempt

bonds</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;page-break-after:avoid;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; short-term financing of maturing

long-term debt; and</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;page-break-after:avoid;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; working capital purposes.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Interest Rate Protection Agreements</font></font></u></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We are not a party to any long-term interest rate

agreements, other than interest rate protection and swap agreements on

approximately $168,000,000 of our variable rate tax-exempt indebtedness.&#160; We intend, however, to evaluate the need for

long&#150;term interest rate protection agreements as interest rate market

conditions dictate, and we have engaged a consultant to assist in managing our

interest rate risks and exposure.</font></font></p>



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<h2 style="font-family:'Times New Roman';font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-decoration:underline;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Future Financing and

Capital Needs</font></font></u></h2>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">As of September 30, 2001, we had 15 new communities under

construction.&#160; Also, one additional

community is being built by an unaffiliated third party with whom we have entered

into a forward purchase commitment.&#160; As

of September 30, 2001, a total estimated cost of $459,645,000 remained to be

invested in these communities.&#160; In

addition, we had three other communities under reconstruction, for which an

estimated $20,961,000 remained to be invested as of September 30, 2001.</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Substantially all of the capital expenditures necessary to complete the

communities currently under construction and reconstruction will be funded

from:</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the remaining capacity under our

current $500,000,000 unsecured credit facility;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the net proceeds from sales of

existing communities;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; retained operating cash; and/or</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the issuance of debt or equity

securities.</p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We expect to continue to fund deferred development costs related to

future developments from retained operating cash and borrowings under the

unsecured credit facility.&#160; We believe

these sources of capital will be adequate to take the proposed communities to

the point in the development cycle where construction can begin.&#160; Before planned reconstruction activity or

the construction of a Development Right begins, we intend to arrange adequate

financing to complete these undertakings, although we cannot assure you that we

will be able to obtain such financing.&#160;

In the event that financing cannot be obtained, we may have to abandon

Development Rights, write off associated pursuit costs and/or forego

reconstruction activity.&#160;&#160; In such

instances, we will not realize the increased revenues and earnings that we

expected from such pursuits, and the related write-off of costs will increase

current period expenses.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Our liquidity could be adversely impacted by expanding development

activities and/or reduced capital (as compared to prior years) available from

asset sales.&#160; To meet the balance of our

liquidity needs under such conditions, we would need to arrange additional

capacity under our existing unsecured credit facility, sell additional existing

communities and/or issue additional debt or equity securities.&#160; While we believe we have the financial position

to expand our short-term credit capacity and support our capital markets

activity, we cannot assure you that we will be successful in completing these

arrangements, sales or offerings.&#160; The

failure to complete these transactions on a cost-effective basis could have a

material adverse impact on our operating results and financial condition,

including the abandonment of deferred development costs and a resulting charge

to earnings.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">It is our policy to sell assets that do not meet our long-term investment

criteria when market conditions are favorable, and redeploy the proceeds.&#160; Under our disposition program, we solicit

competing bids from unrelated parties for these individual assets and consider

the sales price and tax ramifications of each proposal.&#160; We intend to actively seek buyers for

communities held for sale.&#160; However, we

cannot assure you that these assets can be sold on terms that we consider

satisfactory.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The assets that we have identified for disposition include land,

buildings and improvements, and furniture, fixtures and equipment.&#160; Total real estate, net of accumulated

depreciation, of all communities identified for sale at September 30, 2001

totaled $73,851,000.&#160; Certain individual

assets are secured by mortgage indebtedness which may be assumed by the

purchaser or repaid from our net sales proceeds.&#160; Our Condensed Consolidated Statements of Operations and Other

Comprehensive Income include net income from these communities of $1,599,000

for the three months ended September 30, 2001 and $3,937,000 for the nine

months ended September 30, 2001.&#160; Our

Condensed Consolidated Statements of Operations and Other Comprehensive Income

include net income from these communities of $698,000 for the three months ended

September 30, 2000 and $2,208,000 for the nine months ended September 30, 2000.</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Because the proceeds from the sale of communities are used initially to

reduce borrowings under our unsecured credit facility, the immediate effect of

a sale of a community is to have a negative effect on earnings.&#160; This is because the yield on a community

that is sold exceeds the interest rate on the borrowings that are repaid from

the net sale proceeds.&#160; Therefore,

changes in the number and timing of dispositions, and the redeployment of the

resulting net proceeds, may have a material and adverse effect on our earnings.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p align="left" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We are a member of

Constellation Real Technologies LLC, an entity formed by a number of real

estate investment trusts and real estate operating companies for the purpose of

investing in multi-sector real estate technology opportunities.&#160; Our capital commitment to Constellation Real

Technologies is $4.0 million. As of September 30, 2001, we have contributed

approximately $959,000.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<u><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font></u>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Debt Maturities</font></font></u></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The following table details debt maturities for the next five years,

excluding the unsecured credit facility:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="34%" colspan="14" valign="bottom" style="padding:0in 0in 0in 0in;width:34.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">(Dollars in thousands)</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" rowspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">All-In</font></font></b></p>

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">interest</font></font></b></p>

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">rate (1)</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" rowspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">Principal</font></font></b></p>

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">maturity</font></font></b></p>

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">date</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:13.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">Balance

  Outstanding</font></font></b></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="43%" colspan="17" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:43.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">Scheduled

  Maturities</font></font></b></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">Community</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">12-31-00</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:1.44%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">9-30-01</font></font></b></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">2001</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">2002</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">2003</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">2004</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">2005</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">Thereafter</font></font></b></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon at Foxchase I</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

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  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">5.88</font></font></p>

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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Nov-2007</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$</font></font></p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">16,800</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$</font></font></p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">16,800 </font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">(3)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$</font></font></p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$</font></font></p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$</font></font></p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$</font></font></p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.9%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$</font></font></p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">16,800</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon at Foxchase II</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">5.88</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Nov-2007</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">9,600</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">9,600 </font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">(3)</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">9,600</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Fairway Glen</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">5.88</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Nov-2007</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">9,580</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">9,580 </font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">(3)</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">9,580</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">CountryBrook</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">7.87</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Mar-2012</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">18,934</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">18,668</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">91</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">386</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">417</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">451</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">488</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">16,835</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Waterford</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">5.88</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Aug-2014</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">33,100</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">33,100 </font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">(3)</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">33,100</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon at Mountain View</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">5.88</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Mar-2017</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">18,300</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">18,300 </font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">(3)</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">18,300</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon at Dulles</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">7.04</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Jul-2024</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">12,360</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">12,360</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">12,360</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon at Symphony Glen</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">7.00</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Jul-2024</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">9,780</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">9,780</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">9,780</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon View</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">7.55</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Aug-2024</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">18,465</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">18,205</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">90</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">373</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">397</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">425</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">455</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">16,465</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon at Lexington</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6.56</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Feb-2025</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">14,347</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">14,143</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">67</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">288</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">307</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">326</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">347</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">12,808</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon Oaks</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6.95</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Feb-2041</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">17,740</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">71</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">90</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">97</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">104</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">111</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">17,267</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon at Nob Hill</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">5.80</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Jun-2025</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">20,013</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">19,814 </font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">(3)</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">69</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">288</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">308</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">331</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">355</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">18,463</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon at Mission Viejo</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">5.50</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Jun-2025</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">7,354</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">7,281 </font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">(3)</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">25</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">105</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">112</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">121</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">129</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6,789</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon Campbell</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6.48</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Jun-2025</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">36,981</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">36,538 </font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">(3)</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">151</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">637</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">684</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">733</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">786</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">33,547</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon Pacifica</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6.48</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Jun-2025</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">16,775</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">16,574 </font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">(3)</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">69</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">289</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">310</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">332</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">356</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">15,218</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Crossbrook</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6.48</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Jun-2025</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">8,156</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">-- </font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">(2)</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon Knoll</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6.95</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Jun-2026</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">13,393</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">13,244</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">51</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">214</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">230</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">246</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">263</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">12,240</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon Landing</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6.85</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Jun-2026</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6,626</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6,551</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">26</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">108</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">116</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">124</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">132</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6,045</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon Fields</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">7.05</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">May-2027</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">11,609</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">11,494</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">42</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">169</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">180</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">193</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">207</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">10,703</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon West</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">7.73</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Dec-2036</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">8,579</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">8,537</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">15</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">61</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">65</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">70</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">75</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">8,251</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">290,752</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">298,309</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">767</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">3,008</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">3,223</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">3,456</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">3,704</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">284,151</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><b><i><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-style:italic;font-weight:bold;">Variable Rate</font></font></i></b></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon Devonshire</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Dec-2025</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">27,305</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">27,305</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">27,305</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon at Fairway Hills I</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Jun-2026</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">11,500</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">11,500</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">11,500</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon at Laguna Niguel</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Mar-2009</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">10,400</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">10,400</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">10,400</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon Greenbriar</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">May-2026</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">18,755</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">18,755</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">18,755</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">67,960</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">67,960</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">67,960</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">Conventional

  Loans</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

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  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

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  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

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  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

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  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

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  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

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  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

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  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

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  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

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 </tr>

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  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><b><i><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-style:italic;font-weight:bold;">Fixed Rate</font></font></i></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

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  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$100 Million unsecured notes</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">7.375</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Sep-2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">100,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">100,000</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">100,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$50 Million unsecured notes</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6.25</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Jan-2003</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">50,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">50,000</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">50,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$100 Million unsecured notes</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6.50</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Jul-2003</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">100,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">100,000</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">100,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$125 Million medium-term notes</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6.58</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Feb-2004</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">125,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">125,000</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">125,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$100 Million unsecured notes</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6.625</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Jan-2005</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">100,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">100,000</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">100,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$50 Million unsecured notes</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6.50</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Jan-2005</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">50,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">50,000</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">50,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$150 Million unsecured notes</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6.80</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Jul-2006</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">150,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">150,000</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">150,000</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$110 Million unsecured notes</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6.875</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Dec-2007</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">110,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">110,000</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">110,000</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$50 Million unsecured notes</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6.625</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Jan-2008</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">50,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">50,000</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">50,000</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$150 Million medium-term notes</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">8.25</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Jul-2008</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">150,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">150,000</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">150,000</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$150 Million medium-term notes</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">7.50</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Aug-2009</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">150,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">150,000</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">150,000</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$200 Million medium-term notes</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">7.50</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Dec-2010</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">200,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">200,000</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">200,000</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$300 Million medium-term notes</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">6.625</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Sep-2011</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">300,000</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">300,000</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon Redmond Place</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">7.31</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">May-2001</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">11,042</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon at Pruneyard</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">7.25</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">May-2004</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">12,870</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">12,870</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">12,870</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon Walk II</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">8.93</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">%</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Aug-2004</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">12,300</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">12,106</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">70</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">288</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">315</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">11,433</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">1,371,212</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">1,659,976</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">70</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">100,288</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">150,315</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">149,303</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">150,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">1,110,000</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><b><i><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-style:italic;font-weight:bold;">Variable Rate</font></font></i></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">Avalon on the Sound</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">53,218</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">53,218</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">--</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="6%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="5%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.34%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="7%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.04%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman"><font style="font-size:7.5pt;font-weight:bold;">Total

  indebtedness - excluding unsecured credit facility</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.28%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.06%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.08%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$</font></font></p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:5.4%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">1,729,924</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$</font></font></p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:5.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">2,079,463</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$</font></font></p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:5.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">837</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$</font></font></p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:5.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">156,514</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$</font></font></p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:5.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">153,538</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.92%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$</font></font></p>

  </td>

  <td width="5%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:5.26%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">152,759</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.9%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:4.44%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">153,704</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:.88%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">$</font></font></p>

  </td>

  <td width="6%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:6.16%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">1,462,111</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.7%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><font style="font-size:7.5pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>





<div style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">



<hr size="1" width="25%" noshade color="black" align="left">



</font></font></div>





<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(1) </font></font><font size="1"><font style="font-size:8.0pt;">Includes credit

enhancement fees, facility fees, trustees, etc.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(2) </font></font><font size="1"><font style="font-size:8.0pt;">The remaining

loan balance was repaid in connection with the disposition of the community

during 2001.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(3) </font></font><font size="1"><font style="font-size:8.0pt;">Interest rate is

effectively fixed through a swap agreement.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Redemption of

Preferred Stock</font></font></u></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">In June 2001, we redeemed all 4,455,000 outstanding shares of our 9.00%

Series F Cumulative Redeemable Preferred Stock at a price of $25.00 per share,

plus $0.1625 in accrued and unpaid dividends, for an aggregate redemption price

of $25.1625 per share.&#160; In October 2001,

we redeemed all 4,300,000 outstanding shares of our 8.96% Series G Cumulative

Redeemable Preferred Stock at a price of $25.00 per share, plus $0.4418 in

accrued and unpaid dividends, for an aggregate redemption price of $25.4418 per

share.&#160; We currently have other series

of redeemable preferred stock outstanding sharing an aggregate stated value of

$239,192,500.&#160; These series become

redeemable at our option at various times over the next seven years.&#160; As such series become redeemable, we will

evaluate the requirements necessary for such redemptions as well as the

cost-effectiveness based on the existing market conditions.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.26%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.56%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Shares

  outstanding</font></font></b></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="27%" rowspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:27.74%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Payable

  quarterly</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.58%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" rowspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Annual

  rate</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" rowspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Liquidation

  preference</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" rowspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Non-redeemable

  prior to</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.26%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Series</font></font></b></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:17.56%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">November 1,

  2001</font></font></b></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.58%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:10.26%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">C</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="17%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:17.56%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2,300,000</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="27%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:27.74%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">March, June, September,

  December</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:10.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">8.50%</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:10.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$25</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">June 20, 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.26%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.56%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.74%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.26%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">D</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="17%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.56%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,267,700</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="27%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:27.74%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">March, June, September,

  December</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">8.00%</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$25</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">December 15, 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.26%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.56%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.74%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.18%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.26%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">H</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="17%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.56%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4,000,000</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="27%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:27.74%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">March, June, September,

  December</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.58%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">8.70%</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.16%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$25</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.54%;">

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<h2 style="font-family:'Times New Roman';font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-decoration:underline;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Inflation</font></font></u></h2>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Substantially all

of our leases are for a term of one year or less.&#160; This may enable us to realize increased rents upon renewal of

existing leases or the beginning of new leases. Short&#150;term leases

generally minimize our risk from the adverse effects of inflation, although

these leases generally permit residents to leave at the end of the lease term

without penalty.&#160; We believe that

short-term leases, combined with relatively consistent demand, results in rents

and cash flow which provide an attractive inflation hedge.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<h2 style="font-family:'Times New Roman';font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-decoration:underline;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Natural

Disasters</font></font></u></h2>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Many of our West

Coast communities are located in the general vicinity of active earthquake

faults.&#160; In July 1998, we obtained a

seismic risk analysis from an engineering firm which estimated the probable <font style="letter-spacing:-.1pt;">maximum loss (&#147;PML&#148;) for each of the 60 West Coast

communities that we owned at that time and for each of the five West Coast

communities under development at that time.&#160;

To establish a PML, the engineers define a severe earthquake event for

the applicable geographic area.&#160; The PML

is the building damage and business interruption loss that is estimated to have

only a 10% probability of being exceeded in a fifty-year period in the event of

such an earthquake.&#160; Because a

significant number of our communities are located in the San Francisco Bay

Area, the engineers' analysis assumed an earthquake on the Hayward Fault with a

Richter Scale magnitude of 7.1.&#160; Based

on this earthquake scenario, the engineers determined the PML at that time to

be $113,000,000 for the 60 West Coast communities that we owned at that time

and the five West Coast communities then under development.&#160; The actual aggregate PML could be higher or

lower as a result of variations in soil classifications and structural

vulnerabilities.&#160; For each community,

the engineers' analysis calculated an individual PML as a percentage of the

community's replacement cost and projected revenues.&#160; We cannot assure you that:</font></font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;letter-spacing:-.1pt;">
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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;letter-spacing:-.1pt;">&#149;</font></font><font style="letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; an earthquake would not cause damage or

losses greater than the PML assessments indicate;</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;letter-spacing:-.1pt;">&#149;</font></font><font style="letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; future PML levels will not be higher than

the current PML levels described above for our communities located on the West

Coast; or</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;letter-spacing:-.1pt;">&#149;</font></font><font style="letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; acquisitions or developments after July

1998 will not have PML assessments indicating the possibility of greater damage

or losses than currently indicated.</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">We are currently completing a new PML analysis which we expect to be

complete before the end of the year.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">In November 2001, we renewed our earthquake insurance.&#160; For any single occurrence, and in the

aggregate, we have in place with respect to communities located in California,

$67,000,000 of coverage with a five percent deductible.&#160; The five percent deductible is subject to a

minimum of $100,000 per occurrence.&#160;

Earthquake coverage outside of California, with the exception of

Washington State, is subject to a $100,000,000 limit and a $100,000 deductible

per occurrence.&#160; In addition, up to an

aggregate of $2,000,000, the next $400,000 of loss per occurrence will be

treated as an additional deductible.&#160;

Coverage in Washington State is subject to a $65,000,000 limit, with the

same deductible.&#160; Our general liability

and property insurance program provides coverage for public liability and fire

damage.&#160; In the event an uninsured

disaster or a loss in excess of insured limits were to occur, we could lose our

capital invested in the affected community, as well as anticipated future

revenue from that community. We would also continue to be obligated to repay

any mortgage indebtedness or other obligations related to the community.&#160; Any such loss could materially and adversely

affect our business and our financial condition and results of operations.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></font></p>



<h2 style="font-family:'Times New Roman';font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-decoration:underline;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Insurance</font></font></u></h2>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We have noted that the

insurance and reinsurance markets have worsened as compared to the prior year,

which we believe will result in higher insurance costs for the entire real

estate sector.&#160; The impact of the

terrorist attacks on the World Trade Center and the Pentagon on September 11,

2001 have further deteriorated these markets.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Our annual general liability policy was renewed on August 1, 2001, and

our property coverage was renewed on November 1, 2001.&#160; While the insurance coverage provided for in

the renewal policies has not materially changed from the preceding year, the

level of our deductible and premiums costs have increased significantly.&#160; We expect that our insurance costs will

increase by approximately $9.2 million (of which $4 million is for the primary

layer of property coverage) including the cost of deductible allocations, which

represents uninsured losses that previously would have been covered by

insurance. The remaining $5.2 million increase is for the upper layers of

property coverage and casualty coverage.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Development Communities</font></font></u></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">As of September

30, 2001, we had 15 Development Communities under construction.&#160; We expect these Development Communities,

when completed, to add a total of 3,886 apartment homes to our portfolio for a

total capitalized cost, including land acquisition costs, of approximately

$765,700,000.&#160; Statements regarding the

future development or performance of the Development Communities are

forward-looking statements.&#160; We cannot

assure you that:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; we will complete the Development

Communities;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; our budgeted costs or estimates of

occupancy rates will be realized;</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; our schedule of leasing start dates or

construction completion dates will be achieved; or</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; future developments will realize returns

comparable to our past developments.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">You should

carefully review the discussion under &#147;Risks of Development and Redevelopment&#148;

on the following page.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We hold a fee

simple ownership interest in thirteen of the Development Communities, and

membership interests in two separate partnerships that each hold a fee simple

interest in a Development Community.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The following

table presents a summary of the Development Communities:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.02%;">

 <tr>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="24%" valign="bottom" style="padding:0in 0in 0in 0in;width:24.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Number of</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Budgeted</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Estimated</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Estimated</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="24%" valign="bottom" style="padding:0in 0in 0in 0in;width:24.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">apartment</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">cost (1)</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Construction</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Initial</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">completion</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">stabilization</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="24%" valign="bottom" style="padding:0in 0in 0in 0in;width:24.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">homes</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">($

  millions)</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">start</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">occupancy (2)</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">date</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">date (3)</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.</font></font></p>

  </td>

  <td width="24%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Avalon at Edgewater <br>

  <i><font style="font-style:italic;">Edgewater, NJ</font></i></font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">408</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>75.6</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 1999</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q2 2001</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q2 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.</font></font></p>

  </td>

  <td width="24%" valign="bottom" style="padding:0in 0in 0in 0in;width:24.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Avalon on the Sound (4)</font></font> <br><i><font style="font-style:italic;">New

  Rochelle, NY</font></i></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">412</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>92.1</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 1999</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q2 2001</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 2001</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font>&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3.</font></font></p>

  </td>

  <td width="24%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Avalon at Freehold <br>

  <i><font style="font-style:italic;">Freehold, NJ</font></i></font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">296</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>33.1</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q2 2000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 2001</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q1 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font>&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4.</font></font></p>

  </td>

  <td width="24%" valign="bottom" style="padding:0in 0in 0in 0in;width:24.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Avalon Harbor <br>

  <i><font style="font-style:italic;">Stamford, CT</font></i></font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">323</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>60.7</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 2000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q1 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q2 2003</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">5.</font></font></p>

  </td>

  <td width="24%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Avalon Belltown <br>

  <i><font style="font-style:italic;">Seattle, WA</font></i></font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">100</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>19.2</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 2000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 2001</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 2001</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6.</font></font></p>

  </td>

  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Avalon

  Towers on the Peninsula <br>

  <i><font style="font-style:italic;">Mountain View, CA</font></i></font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">211</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>65.9</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 2000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q1 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q2 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">7.</font></font></p>

  </td>

  <td width="24%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Avalon at Cahill Park <br>

  <i><font style="font-style:italic;">San Jose, CA</font></i></font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">218</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>50.5</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 2000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q1 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q1 2003</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">8.</font></font></p>

  </td>

  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Avalon Riverview I <br>

  <i><font style="font-style:italic;">Long Island City, NY</font></i></font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">372</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>102.5</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 2000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q2 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q2 2003</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">9.</font></font></p>

  </td>

  <td width="24%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Avalon at Mission Bay North

  <br>

  <i><font style="font-style:italic;">San Francisco, CA</font></i></font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">250</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>79.5</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q1 2001</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q1 2003</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 2003</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">10.</font></font></p>

  </td>

  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Avalon Oaks West <br>

  <i><font style="font-style:italic;">Wilmington, MA</font></i></font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">120</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>17.7</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q1 2001</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 2001</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q2 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">11.</font></font></p>

  </td>

  <td width="24%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Avalon Ledges <br>

  <i><font style="font-style:italic;">Weymouth, MA</font></i></font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">304</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>37.7</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q2 2001</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q2 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q1 2003</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 2003</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">12.</font></font></p>

  </td>

  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Avalon Orchards <br>

  <i><font style="font-style:italic;">Marlborough, MA</font></i></font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">156</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>21.7</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q2 2001</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q1 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q2 2003</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">13.</font></font></p>

  </td>

  <td width="24%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Avalon at Arlington Square

  II <br>

  <i><font style="font-style:italic;">Arlington, VA</font></i></font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">332</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>43.9</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 2001</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q1 2003</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 2003</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">14.</font></font></p>

  </td>

  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Avalon at Flanders Hill <br>

  <i><font style="font-style:italic;">Westborough, MA</font></i></font></font></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">280</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>38.4</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 2001</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q2 2003</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 2003</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.84%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">15.</font></font></p>

  </td>

  <td width="24%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Avalon New Canaan (5)</font></font> <br><i><font style="font-style:italic;">New

  Canaan, CT</font></i></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">104</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>27.2</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 2001</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q3 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q2 2003</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp; </font></font>&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.78%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="24%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Subtotal</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.92%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:8.9%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3,886</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>765.7</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.78%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>





<div style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">



<hr size="1" width="25%" noshade color="black" align="left">



</font></font></div>





<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1)&#160;&#160; </font></font>Total budgeted cost includes all capitalized costs projected to be

incurred to develop the respective Development Community, including land

acquisition costs, construction costs, real estate taxes, capitalized interest

and loan fees, permits, professional fees, allocated development overhead and

other regulatory fees determined in accordance with GAAP.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(2)&#160;&#160; Future initial occupancy dates are estimates.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(3)&#160;&#160; Stabilized operations is defined as the first

full quarter of 95% or greater occupancy after completion of construction.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(4)&#160;&#160; This community is being developed under a

joint venture structure and the joint venture entity (a limited liability

company) has obtained third-party debt financing. Our equity funding of the

total budgeted costs is expected to be $13.3 million.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(5)&#160;&#160; The land for this community is currently

owned by Town Close Associates Limited Partnership in which the Company is a

majority partner. It is currently anticipated that the land seller will retain

a minority limited partner interest. The costs reflected above are net of

construction and management fees due to AvalonBay.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<u><font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font></u>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Redevelopment Communities</font></font></u></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">As of September 30, 2001

we had three communities under redevelopment.&#160;

We expect the total budgeted cost to complete these Redevelopment

Communities, including the cost of acquisition and redevelopment, to be approximately

$290,800,000, of which approximately $64,100,000 is the additional capital

invested or expected to be invested above the original purchase cost.&#160; Statements regarding the future

redevelopment or performance of the Redevelopment Communities are

forward-looking statements.&#160; We have

found that the cost to redevelop an existing apartment community is more

difficult to budget than the cost to develop a new community.&#160; Accordingly, we expect that actual costs may

vary from budget by a wider range than for a new development community.&#160; We cannot assure you that we will meet our

schedules for redevelopment completion, or that we will meet our budgeted

costs, either individually or in the aggregate.&#160; See the discussion under &#147;Risks of Development and Redevelopment&#148;

below.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The following presents a

summary of Redevelopment Communities:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;margin-left:-2.2pt;width:100.3%;">

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt .7pt .7pt;width:4.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.28%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:10.42%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in .7pt .7pt .7pt;width:13.02%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="top" style="padding:0in .7pt .7pt .7pt;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="top" style="padding:0in .7pt .7pt .7pt;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="top" style="padding:0in .7pt .7pt .7pt;width:8.74%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.48%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:7.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt .7pt .7pt;width:4.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.28%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:10.42%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Number of<br>

  apartment</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in .7pt .7pt .7pt;width:13.02%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Budgeted Cost<br>($ millions)</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="top" style="padding:0in .7pt .7pt .7pt;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="top" style="padding:0in .7pt .7pt .7pt;width:8.74%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.48%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:7.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Estimated<br>

  restabilized</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt .7pt .7pt;width:4.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.28%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.68%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="top" style="padding:0in .7pt .7pt .7pt;width:10.42%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">homes</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="padding:0in .7pt .7pt .7pt;width:13.02%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Acquisition

  cost</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Total cost

  (1)</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="top" style="padding:0in .7pt .7pt .7pt;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Reconstruction</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="top" style="padding:0in .7pt .7pt .7pt;width:8.74%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Reconstruction</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.48%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="padding:0in .7pt .7pt .7pt;width:7.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">operations</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt .7pt .7pt;width:4.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="top" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:10.42%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="top" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:13.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="top" style="border:none;padding:0in .7pt .7pt .7pt;width:12.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="top" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="top" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:8.74%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:7.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:4.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:20.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Avalon at Media Center <br>

  <i><font style="font-style:italic;">Burbank, CA</font></i></font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:10.42%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">748</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:13.02%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>55.3</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>75.3</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q1 2000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:8.74%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q1 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.48%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:7.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q2 2002</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt .7pt .7pt;width:4.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Avalon at Prudential Center</font></font> <br><i><font style="font-style:italic;">Boston, MA</font></i></p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:10.42%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">781</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:13.02%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>133.9</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>154.5</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 2000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:8.74%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.48%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:7.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q2 2003</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:4.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3.</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:20.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Avalon Terrace (4) <br>

  <i><font style="font-style:italic;">Stamford, CT</font></i></font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:10.42%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">388</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:13.02%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>37.5</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>61.0</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 2000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:8.74%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q2 2002</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.48%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:7.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Q4 2002</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt .7pt .7pt;width:4.3%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:10.42%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:13.02%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:8.74%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.48%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:7.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:4.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="20%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:20.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Total</font></font></i></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:10.42%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,917</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:13.02%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$226.7</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font>290.8</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:12.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.46%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:8.74%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.48%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:7.96%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

</table>





<div style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">



<hr size="1" width="25%" noshade color="black" align="left">



</font></font></div>





<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1)&#160;&#160; Total budgeted cost includes all capitalized

costs projected to be incurred to redevelop the respective Redevelopment

Community, including costs to acquire the community, reconstruction costs, real

estate taxes, capitalized interest and loan fees, permits, professional fees,

allocated redevelopment overhead and other regulatory fees determined in

accordance with GAAP.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(2)&#160;&#160; Reconstruction completion dates are

estimates.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(3)&#160;&#160; Restabilized operations is defined as the

first full quarter of 95% or greater occupancy after completion of

reconstruction.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(4)&#160;&#160; This community is being redeveloped in a

joint venture structure with third party financing. Our portion of the total

cost for this unconsolidated joint venture is projected to be $9.6 million

after project based debt.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<h2 style="font-family:'Times New Roman';font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-decoration:underline;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Development Rights</font></font></u></h2>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">As of September

30, 2001, we are considering the development of 31 new apartment

communities.&#160; These Development Rights

range from land owned or under contract for which design and architectural

planning has just begun to land under contract or owned by us with completed

site plans and drawings where construction can begin almost immediately. We

estimate that the successful completion of all of these communities would

ultimately add 9,196 upscale apartment homes to our portfolio.&#160; At September 30, 2001, the cumulative

capitalized cost incurred in pursuit of the 31 Development Rights, including

the cost of land acquired in connection with seven of the Development Rights,

was approximately $79,400,000, of which $55,700,000 was the cost of land.&#160; Substantially all of these apartment homes

will offer features like those offered by the communities we currently own.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We generally hold

Development Rights through options to acquire land.&#160; The properties comprising the Development Rights are in different

stages of the due diligence and regulatory approval process.&#160; The decisions as to which of the Development

Rights to pursue, if any, or to continue to pursue once an investment in a

Development Right is made are business judgments that we make after we perform

financial, demographic and/or other analyses.&#160;

We will consider the use of debt as well as other financing structures

to finance the development of these Development Rights scheduled to start

construction after October 1, 2001.&#160;

Although the development of any particular Development Right cannot be

assured, we believe that the Development Rights, in the aggregate, present

attractive potential opportunities for future development and growth of our

FFO.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Statements

regarding the future development of the Development Rights are forward-looking

statements.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We cannot assure

you that:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><b><font size="3" face="Times New Roman"><font style="font-size:12.0pt;font-weight:bold;">&#149;&#160;&#160;&#160;&#160; </font></font></b>we

will succeed in obtaining zoning and other necessary governmental approvals or

the financing required to develop these communities, or that we will decide to

develop any particular community; or</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;">&#149;</font></font>&#160;&#160;&#160;&#160;&#160; if we

undertake construction of any particular community, that we will complete

construction at the total budgeted cost assumed in the financial projections

below.</p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in 6.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The

following presents a summary of the 31 Development Rights we are currently

pursuing:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;margin-left:.8pt;width:100.0%;">

 <tr>

  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.62%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Total</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.62%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Estimated</font></font></b></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">budgeted</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.62%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">number</font></font></b></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">costs</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:32.56%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Location</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">of homes</font></font></b></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">($

  millions)</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">North Bethesda, MD</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">386</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:14.18%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#160;46</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2.</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Washington, D.C.</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1)</font></font></p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">203</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">50</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3.</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">North Bethesda, MD</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">499</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">85</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4.</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Darien, CT</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1)</font></font></p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">189</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">39</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">5.</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Wilton, CT</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">113</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">24</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6.</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Glendale, CA</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">223</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">49</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">7.</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Newton, MA</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">294</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">58</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">8.</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Lawrence, NJ</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">312</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">43</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">9.</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Danbury, CT</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">253</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">36</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">10.</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Seattle, WA</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1)</font></font></p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">154</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">50</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">11.</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Coram, NY</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">450</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">65</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">12.</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Los Angeles, CA</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1)</font></font></p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">309</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">59</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">13.</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Kirkland, WA</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">215</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">50</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">14.</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Oakland, CA</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1)</font></font></p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">180</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">40</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">15.</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Orange, CT</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1)</font></font></p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">168</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">21</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">16.</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Bellevue, WA</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">349</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">63</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">17.</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Glen Cove, NY</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">256</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">71</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">18.</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Hingham, MA</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">270</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">44</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">19.</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Bedford, MA</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">139</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">21</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">20.</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">North Potomac, MD</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">520</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">61</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">21.</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">New Rochelle, NY Phase II and III</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">588</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">144</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">22.</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Washington, D.C.</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1)</font></font></p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">144</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">30</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">23.</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Cohasset, MA</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">240</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">38</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">24.</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Stratford, CT</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">146</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">18</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">25.</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Milford, CT</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">284</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">35</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">26.</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Long Island City, NY Phase II and III</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">539</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">162</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">27.</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Greenburgh, NY Phase II and III</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">766</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">139</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">28.</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Andover, MA</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">136</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">21</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">29.</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">San Francisco, CA</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">303</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">106</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">30.</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Hopewell, NJ Phase I</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">280</font></font></p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">40</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.02%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">31.</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Hopewell, NJ Phase II</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">288</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">43</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.56%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="21%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.54%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.56%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">Totals</font></font></i></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.38%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="10%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.1%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="21%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:21.62%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">9,196</font></font></p>

  </td>

  <td width="7%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.52%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.36%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">$</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.18%;">

  <p align="right" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1,751</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>

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<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1) Company owns land, but construction has not yet begun.</font></font></p>



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<h2 style="font-family:'Times New Roman';font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-decoration:underline;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Risks of Development

and Redevelopment</font></font></u></h2>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">We intend to continue to pursue

the development and redevelopment of apartment home communities.&#160; Our development and redevelopment activities

may be exposed to the following industry risks:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;letter-spacing:-.1pt;">&#149;</font></font><font style="letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; we may abandon opportunities we have

already begun to explore, or defer development once started, based on further

review of, or changes in, financial, demographic, environmental or other

factors;</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;letter-spacing:-.1pt;">&#149;</font></font><font style="letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; we may encounter liquidity constraints,

including the unavailability of financing on favorable terms for the

development or redevelopment of a community;</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;letter-spacing:-.1pt;">&#149;</font></font><font style="letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; we may be unable to obtain, or we may

experience delays in obtaining, all necessary zoning, land-use, building,

occupancy, and other required governmental permits and authorizations;</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;letter-spacing:-.1pt;">&#149;</font></font><font style="letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; we may incur construction or

reconstruction costs for a community that exceed our original estimates due to

increased materials, labor or other expenses, which could make completion or

redevelopment of the community uneconomical;</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;letter-spacing:-.1pt;">&#149;</font></font><font style="letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; occupancy rates and rents at a newly

completed or redeveloped community may fluctuate depending on a number of

factors, including market and general economic conditions, and may not be

sufficient to make the community profitable; and</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;letter-spacing:-.1pt;">&#149;</font></font><font style="letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; we may be unable to complete construction

and lease-up on schedule, resulting in increased debt service expense and

construction costs.</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">The occurrence of any of the

events described above could adversely affect our ability to achieve our

projected yields on communities under development or redevelopment and could

affect our payment of distributions to our stockholders.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Construction costs are projected by us based on

market conditions prevailing in the community&#146;s market at the time our budgets

are prepared and reflect changes to those market conditions that we anticipated

at that time.&#160; Although we attempt to

anticipate changes in market conditions, we cannot predict with certainty what

those changes will be.&#160; Total budgeted

cost includes all capitalized costs projected to be incurred to develop the respective

Development or Redevelopment Community, including:</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;letter-spacing:-.1pt;">&#149;</font></font><font style="letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; land and/or property acquisition costs;</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;letter-spacing:-.1pt;">&#149;</font></font><font style="letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; construction costs or reconstruction

costs;</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;letter-spacing:-.1pt;">&#149;</font></font><font style="letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; real estate taxes;</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;letter-spacing:-.1pt;">&#149;</font></font><font style="letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; capitalized interest;</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;letter-spacing:-.1pt;">&#149;</font></font><font style="letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; loan fees;</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;letter-spacing:-.1pt;">&#149;</font></font><font style="letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; permits;</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;letter-spacing:-.1pt;">&#149;</font></font><font style="letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; professional fees;</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;letter-spacing:-.1pt;">&#149;</font></font><font style="letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; allocated development or redevelopment

overhead; and</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt;letter-spacing:-.1pt;">&#149;</font></font><font style="letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; other regulatory fees determined in

accordance with GAAP.</font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">We believe that we could experience increases in

construction costs with respect to development communities resulting in total

construction costs that exceed original budgets.&#160; Likewise, costs to redevelop communities that have been acquired

have, in some cases, exceeded our original estimates and similar increases in

costs may be experienced in the future.&#160;

We cannot assure that market rents in effect at the time new development

communities or redeveloped communities complete lease-up will be sufficient to

either fully offset the effects of any increased construction or reconstruction

costs or to achieve the original projected yields for these communities (i.e.,

return on invested capital).</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<h2 style="font-family:'Times New Roman';font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-decoration:underline;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Capitalized

Interest</font></font></u></h2>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">In accordance with GAAP,

we capitalize interest expense during construction or reconstruction until a

building obtains a certificate of occupancy.&#160;

Interest that is incurred thereafter and allocated to a completed

apartment home within the community is expensed.&#160; Capitalized interest totaled $7,221,000 for the three months

ended September 30, 2001 and $19,340,000 for the nine months ended September

30, 2001.&#160; Capitalized interest totaled

$5,255,000 for the three months ended September 30, 2000 and $12,912,000 for

the nine months ended September 30, 2000.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
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</font></font>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">&nbsp;</font></font></b></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="10%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:10.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Part I.</font></font></b></p>

  </td>

  <td width="89%" colspan="7" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:89.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">FINANCIAL INFORMATION (continued)</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><a name="Item3_QuantitativeAndQualitativeDi"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Item 3.</font></font></a></p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Quantitative

  and Qualitative Disclosures About Market Risk</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">There have been no material changes to our exposures to market risk

  since December 31, 2000.</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

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  <td width="10%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:10.96%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><a name="PartIi_OtherInformation"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Part II. </font></font></b></a></p>

  </td>

  <td width="89%" colspan="7" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:89.04%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">OTHER INFORMATION</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><a name="Item1_LegalProceedings"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Item 1.</font></font></a></p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Legal

  Proceedings</font></font></p>

  </td>

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 <tr>

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  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="80%" colspan="5" rowspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">We are involved in certain

  ordinary routine litigation incidental to the conduct of our business. &#160;In addition, as reported in the Company&#146;s

  Form 10-K for the year ended December 31, 1999, we are </font>currently

  involved in litigation with York Hunter Construction, Inc., and National

  Union Fire Insurance Company. <font style="letter-spacing:-.1pt;">While the

  outcome of such litigation cannot be predicted with certainty, we do not

  expect any current litigation, including the litigation with York Hunter and

  National Union,&#160; to have a material

  effect on our business or financial condition.</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><a name="Item2_ChangesInSecurities"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Item 2.</font></font></a></p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Changes

  in Securities</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">None</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><a name="Item3_DefaultsUponSeniorSecurities"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Item 3.</font></font></a></p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Defaults

  Upon Senior Securities</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">None</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><a name="Item4_SubmissionOfMattersToAVote"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Item 4.</font></font></a></p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Submission

  of Matters to a Vote of Security Holders</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">None</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><a name="Item5_OtherInformation"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Item 5.</font></font></a></p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Other

  Information</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">None</font></font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><a name="Item6_ExhibitsAndReportsOnForm8"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Item 6.</font></font></a></p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Exhibits

  and Reports on Form 8-K</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.86%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">(<b><font style="font-weight:bold;">a)&#160; Exhibits</font></b></font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.32%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr height="0">

  <td width="81" style="border:none;"></td>

  <td width="25" style="border:none;"></td>

  <td width="36" style="border:none;"></td>

  <td width="174" style="border:none;"></td>

  <td width="105" style="border:none;"></td>

  <td width="105" style="border:none;"></td>

  <td width="105" style="border:none;"></td>

  <td width="105" style="border:none;"></td>

 </tr>

</table>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Exhibit No.</font></font></u></p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Description</font></font></u></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.1</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Distribution Agreement, dated December 21, 1998,

  among the Company and the Agents, including Administrative Procedures,

  relating to the Company&#146;s medium-term notes. (Incorporated by reference to

  Exhibit 4.4 to the Company's Current Report on Form 8-K filed on December 21,

  1998.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.2</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">First Amendment, dated as of June 27, 2000, to

  Distribution Agreement, dated December 21, 1998, among the Company and the

  Agents. (Incorporated by reference to Exhibit 1.2 to the Company's Current

  Report on Form 8-K filed on July 11, 2000.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1.3</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Second Amendment, dated as of August 31, 2001, to

  the Distribution Agreement, dated December 21, 1998, by and among the Company

  and the Agents named therein. (Incorporated by reference to Exhibit 1.3 to

  the Company's Current Report on Form 8-K filed on September 5, 2001.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3(i).1</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Articles of Amendment and Restatement of Articles of

  Incorporation of AvalonBay Communities (the &#147;Company&#148;), dated as of June 4,

  1998. (Incorporated by reference to Exhibit 3(i).1 to Form 10-Q of the

  Company filed August 14, 1998.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3(i).2</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Articles of Amendment, dated as of October 2, 1998.

  (Incorporated by reference to Exhibit 3.1(ii) to Form 8-K of the Company

  filed on October 6, 1998.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3(i).3</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Articles Supplementary, dated as of October 13,

  1998, relating to the 8.70% Series H Cumulative Redeemable Preferred Stock.

  (Incorporated by reference to Exhibit 1 to Form 8-A of the Company filed

  October 14, 1998.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3(ii).1</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Bylaws of the Company, as amended and restated,

  dated as of July 24, 1998. (Incorporated by reference to Exhibit 3(ii).1 to

  Form 10-Q of the Company filed August 14, 1998.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3(ii).2</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Amendment to Bylaws of the Company, dated February

  10, 1999.&#160; (Incorporated by reference

  to Exhibit 3(ii).2 to Form 10-K of the Company filed March 31, 1999.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3(ii).3</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Amendment to Bylaws of the Company, dated May 5,

  1999.&#160; (Incorporated by reference to

  Exhibit 3(ii).3 to Form 10-Q of the Company filed on August 16, 1999.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4.1</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Indenture of Avalon Properties, Inc. (hereinafter

  referred to as &#147;Avalon Properties&#148;) dated as of September 18, 1995.

  (Incorporated by reference to Form 8-K of Avalon Properties dated September

  18, 1995.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4.2</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">First Supplemental Indenture of Avalon Properties

  dated as of September 18, 1995. (Incorporated by reference to Avalon

  Properties&#146; Current Report on Form 8-K dated September 18, 1995.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4.3</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Second Supplemental Indenture of Avalon Properties

  dated as of December 16, 1997. (Incorporated by reference to Avalon

  Properties&#146; Current Report on Form 8-K filed January 26, 1998.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4.4</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Third Supplemental Indenture of Avalon Properties

  dated as of January 22, 1998. (Incorporated by reference to Avalon

  Properties&#146; Current Report on Form 8-K filed on January 26, 1998.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4.5</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Indenture, dated as of January 16, 1998, between the

  Company and State Street Bank and Trust Company, as Trustee. (Incorporated by

  reference to Exhibit 4.1 to Form 8-K of the Company filed on January 21,

  1998.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4.6</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">First Supplemental Indenture, dated as of January

  20, 1998, between the Company and the Trustee. (Incorporated by reference to

  Exhibit 4.2 to Form 8-K of the Company filed on January 21, 1998.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4.7</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Second Supplemental Indenture, dated as of July 7,

  1998, between the Company and the Trustee. (Incorporated by reference to

  Exhibit 4.2 to Form 8-K of the Company filed on July 9, 1998.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4.8</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Third Supplemental Indenture, dated as of December

  21, 1998 between the Company and the Trustee, including forms of Floating

  Rate Note and Fixed Rate Note (Incorporated by reference to Exhibit 4.4 to

  Form 8-K filed on December 21, 1998.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4.9</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Amended and Restated Third Supplemental Indenture,

  dated as of July 10, 2000 between the Company and the Trustee, including

  forms of Floating Rate Note and Fixed Rate Note.&#160; (Incorporated by reference to Exhibit 4.4 to the Company&#146;s

  Current Report on Form 8-K filed on July 11, 2000.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

</table>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4.10</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Dividend Reinvestment and Stock Purchase Plan of the

  Company filed on September 14, 1999.&#160;

  (Incorporated by reference to Form 3-S of the Company, File No.

  333-87063.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4.11</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Amendment to the Company&#146;s Dividend Reinvestment and

  Stock Purchase Plan filed on December 17, 1999.&#160; (Incorporated by reference to the Prospectus Supplement filed

  pursuant to Rule 424(b)(2) of the Securities Act of 1933 on December 17,

  1999.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4.12</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Shareholder Rights Agreement, dated as of March 9,

  1998 (the &#147;Rights Agreement&#148;), between the Company and First Union National

  Bank (as successor to American Stock Transfer and Trust Company) as Rights

  Agent (including the form of Rights Certificate as Exhibit B). (Incorporated

  by reference to Exhibit 4.1 to Form 8-A of the Company filed March 11, 1998.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">4.13</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Amendment No. 1 to the Rights Agreement, dated as of

  February 28, 2000, between the Company and the Rights Agent.&#160; (Incorporated by reference to Exhibit 4.2

  of Form 8-A/A of the Company filed February 28, 2000.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#134;10.1</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Employment Agreement, dated as of September 10,

  2001, between the Company and Leo S. Horey.&#160;

  (Filed herewith.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#134;12.1</font></font></p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">--</font></font></p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Statements re: Computation of Ratios.</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">(b) Reports on Form 8-K</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">On September 5, 2001, the Company filed a Report on

  Form 8-K to disclose that the Company filed a prospectus supplement to the

  prospectus contained in its Registration Statement on Form S-3 (File No.

  333-57888), which was declared effective by the Securities and Exchange

  Commission on April 11, 2001, relating to the offering from time to time of

  medium-term notes in an aggregate principal amount of up to

  $750,000,000.&#160; In connection with the

  filing of the prospectus supplement, the Company amended the Distribution

  Agreement, dated December 21, 1998, by and among the Company and the Agents

  identified therein, as previously amended on June 27, 2000, to effect a

  change in the Agents involved in the distribution of the medium-term notes.</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="23%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:23.72%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:14.28%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">On September 28, 2001, the Company filed a Report on

  Form 8-K to disclose that it published and mailed notice of its intention to

  redeem all outstanding shares of its 8.96% Series G Cumulative Redeemable

  Preferred Stock (the &quot;Series G Preferred Stock&quot;) on October 26,

  2001 at a price of $25.00 per share, plus $0.4418 in accrued and unpaid

  dividends to the redemption date, for an aggregate redemption price of

  $25.4418 per share of Series G Preferred Stock</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="14%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:14.3%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:4.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="80%" colspan="5" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:80.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

</table>





<div style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">



<hr size="1" width="25%" noshade color="black" align="left">



</font></font></div>





<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="100%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:100.0%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#134; filed herewith</font></font></p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-family:'Times New Roman';font-size:10.0pt;">
<!-- SEQ.=1 -->
<br clear="all" style="page-break-before:always;">

</font></font>



<p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;text-align:center;"><a name="Signatures"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SIGNATURES</font></font></b></a></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Pursuant to the requirements of Section 13 or 15(d) of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed

on its behalf by the undersigned, thereunto duly authorized.</font></font></p>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;width:86.98%;">

 <tr>

  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">

  <p align="center" style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">AVALONBAY

  COMMUNITIES, INC.</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in .5in .0001pt 0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Date:</font></font></p>

  </td>

  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">November

  14, 2001</font></font></p>

  </td>

  <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:42.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">/S/

  Thomas J. Sargeant</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="42%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:42.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Thomas J. Sargeant</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Executive Vice President,</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Chief Financial Officer and Treasurer</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">(Duly Authorized Officer and Principal </font></font></p>

  </td>

 </tr>

 <tr>

  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.68%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.84%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.48%;">

  <p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Financial and Accounting Officer)</font></font></p>

  </td>

 </tr>

</table>



<p style="font-family:'Times New Roman';font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&nbsp;</font></font></p>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>j2052_ex10d1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<html>



<head>



<title>Prepared by MERRILL CORPORATION</title>



</head>



<body>



<div class="Section1">



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">Exhibit 10.1</font></font></p>



<p align="center" style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">EMPLOYMENT

AGREEMENT</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

font-family:'Times New Roman'">EMPLOYMENT AGREEMENT (this &quot;<u>Agreement</u>&quot;)

made as of the 10th day of September, 2001 (the &quot;<u>Effective Date</u>&quot;)

by and between Leo S. Horey and AvalonBay Communities, Inc., a Maryland

corporation (the &quot;<u>Company</u>&quot;).</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

font-family:'Times New Roman'">WHEREAS, Executive has been performing services

for the Company; and</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

font-family:'Times New Roman'">WHEREAS, Executive and the Company desire to

enter into an employment agreement, effective as of the date of execution of

this Agreement.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

font-family:'Times New Roman'">NOW, THEREFORE, the parties hereto do hereby

agree as follows.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Term</u>.&#160; The Company hereby agrees to employ

Executive, and Executive hereby agrees to remain in the employ of the Company

subject to the terms and conditions of this Agreement for the period commencing

on the Effective Date and terminating on December 24, 2003 (the &quot;<u>Original

Term</u>&quot;), unless earlier terminated as provided in Section 7. The

Original Term shall be extended automatically for additional one year periods

measured from December 25, 2003 (each a &quot;<u>Renewal Term</u>&quot;),

unless notice that this Agreement will not be extended is given by either party

to the other at least 90 days prior to the expiration of the Original Term or

any Renewal Term.&#160; Notwithstanding the

foregoing, upon a Change in Control, the Employment Period shall be extended

automatically to three years from the date of such Change in Control. (The

period of Executive's employment hereunder within the Original Term and any

Renewal Terms is herein referred to as the &quot;<u>Employment Period</u>.&quot;)</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Employment Duties</u>.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During the Employment Period, Executive

shall be employed in the business of the Company and its affiliates.&#160; Executive shall serve as a corporate officer

of the Company with the title of <b><font style="font-weight:bold">Senior</font></b><b><font style="font-weight:bold"> Vice

President &#150; Property Operations</font></b>.&#160;

In the performance of his duties, Executive shall be subject to the

direction of the Board of Directors of the Company (the &quot;Board&quot;),

including any committee of the Board designated by the Board, if any, and the

Company&#146;s Chief Operating Officer and any officer senior to the Chief Operating

Officer (&quot;<u>CEO</u>&quot;, which term refers to the Chief Operating

Officer and any officer senior to the Chief Operating Officer (such as the

President, Chief Executive Officer and Executive Chairman), each with authority

acting alone to give direction hereunder in the event that more than one person

holds these positions) and shall not be required to take direction from or

report to any other person.&#160; Executive

will report directly to the Chief Operating Officer of the Company.&#160; <font color="black"><font style="color:black">Executive's

duties and authority shall be commensurate with Executive's title and position

with the Company, and shall not be materially diminished from, or materially

inconsistent with, Executive's duties and responsibilities with the Company

immediately prior to the date of this Agreement</font></font>, <u>provided</u>,

<u>however</u>, that it will not be a violation of this Section 2(a), or

otherwise be a breach by the Company under any term of this Agreement, if <u>either</u>

(x) or (y) immediately below are true:</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(x)

The Company modifies Executive's title or duties, <u>provided that</u> all of

the following conditions are met:</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(i)

Executive remains on the Management Investment Committee, or a similar

successor committee of management that considers and approves investment

proposals developed by management; and</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(ii)

Executive's title is Senior Vice President or a higher ranking title; and</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(iii)

Executive reports directly to the CEO (which term, as noted above, includes the

Chief Operating Officer); and</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(iv)

Executive either</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';layout-grid-mode:line"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(I)

remains as the most senior officer (other than the CEO) in charge of at least

one &quot;current national principal business function&quot; (which is defined

to mean any business function which is headed by a senior vice president or

higher ranking officer of the Company as of the date hereof -- i.e., finance,

human resources, property operations, development or construction) or,</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(II)

if the Company's management structure is reorganized to give effect to two or

more major geographic regions, Executive is put in charge of at least three

&quot;major business functions&quot; for a major geographic region of the

Company.&#160; &quot;Major business

functions&quot; means any of the five &quot;current national principal business

functions&quot; cited above plus, as a sixth major business function,

acquisitions and dispositions.&#160; By way

of example only, titles in such a case could include President of the West

Coast Division or Senior Vice President of Construction, Development and

Acquistions and Dispositions of the West Coast Division; and</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(v)

Executive's targeted total compensation is not less than what it would have

been had Executive remained in the position of Senior Vice President - Property

Operations for AvalonBay Communities (e.g., in determining total compensation

in accordance with Section 3(j), Executive's targeted total compensation will

not be reduced because, for example, it is determined by the Company to be

appropriate for a &quot;Senior Vice President of Construction, Development and

Property Operations of the West Coast Division&quot; to receive less

compensation than the Senior Vice President of Property Operations of a national

company).</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">&#160;(y) The Executive's duties are modified from

time to time as Executive and Company mutually reasonably agree.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Executive agrees to his employment as

described in this Section 2 and agrees to devote substantially all of his

working time and efforts to the performance of his duties under this Agreement;

provided that nothing in this Section 2(b) shall be interpreted to preclude

Executive from (i) participating with the prior written consent of the Board as

an officer or director of, or advisor to, any other entity or organization that

is not a customer or material service provider to the Company or a Competing

Enterprise, as defined in Section 8, so long as such participation does not

interfere with the performance of Executive&#146;s duties hereunder, whether or not

such entity or organization is engaged in religious, charitable or other

community or non&#150;profit activities, (ii) investing in any entity or

organization which is not a customer or material service provider to the

Company or a Competing Enterprise, so long as such investment does not

interfere with the performance of Executive&#146;s duties hereunder, or (iii)

delivering lectures or fulfilling speaking engagements so long as such lectures

or engagements do not interfere with the performance of Executive&#146;s duties

hereunder.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In performing his duties hereunder,

Executive shall be available for reasonable travel as the needs of the business

require.&#160; Executive shall be based in

Alexandria, Virginia (or otherwise in the Washington, Baltimore, DC-MD-VA-WV

Consolidated Metropolitan Statistical Area as defined by the U.S. Census Bureau

(the &quot;Metropolitan Area&quot;)).</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Breach by either party of any of his

or its respective obligations under this Section 2 shall be deemed a material

breach of that party&#146;s obligations hereunder.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Compensation/Benefits</u>.&#160; In consideration of Executive&#146;s services

hereunder, the Company shall provide Executive the following:&#160; <br clear="all" style="page-break-before:always"></font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Base Salary</u>.&#160; During the Employment Period, the Executive

shall receive an annual rate of base salary (&quot;<u>Base Salary</u>&quot;) in

an amount not less than $285,000.&#160;

Executive&#146;s Base Salary will be reviewed by the Company annually and may

be adjusted upward (but not downward) at such time.&#160; Base Salary shall be payable in accordance with the Company&#146;s normal

business practices, but in no event less frequently than monthly.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Bonuses</u>.&#160; Commencing at the close of each fiscal year

during the Employment Period, the Company shall review the performance of the

Company and of Executive during the prior fiscal year, and the Company may

provide Executive with additional compensation in the form of a cash bonus

(&quot;<u>Cash Bonus</u>&quot;) and/or in the form of long term equity

incentives such as stock options and restricted stock grants (&quot;<u>LT

Equity Bonus</u>&quot;) if the Board, or any compensation committee thereof, in

its discretion, determines that the performance of the Company and Executive&#146;s

contribution to the Company warrants such additional payment and the Company&#146;s

anticipated financial performance of the present period permits such

payment.&#160; Any Cash Bonuses hereunder

shall be paid as a lump sum not later than 75 days after the end of the

Company&#146;s preceding fiscal year.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Medical and Disability

Insurance/Physical</u>.&#160; During the

Employment Period, the Company shall provide to Executive and Executive&#146;s

immediate family a comprehensive policy of health insurance in accordance with

the Company&#146;s general practice applicable to officers (including payment of all

or a portion of the premiums due thereon) and shall provide to Executive a

disability policy in accordance with the Company's general practice applicable

to officers (including payment of all or a portion of the premiums due

thereon).&#160; During the Employment Period,

Executive shall be entitled to a comprehensive annual physical performed, at

the expense of the Company (but not including any related travel expense), by

the physician or medical group of Executive&#146;s choosing.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Split Dollar Life Insurance</u>.

During the Employment Period, the Company shall keep in force and pay the

premiums on the split&#150;dollar life insurance policy referenced in the

Split Dollar Insurance Agreement between the Company and Executive, subject to

reimbursement by Executive as provided in such Split Dollar Insurance

Agreement.&#160; Executive agrees to submit

to such medical examinations as may be required in order to maintain such

policy of insurance.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Vacations</u>.&#160; Executive shall be entitled to reasonable

paid vacations during the Employment Period in accordance with the then regular

procedures of the Company governing officers.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Office/Secretary, etc.</u>&#160; During the Employment Period, Executive

shall be entitled to secretarial services and a private office commensurate

with his title and duties.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Annual Allowance.</u>&#160; The Company will provide the Executive with

an annual allowance of up to $5,000 per year (the &quot;<u>Allowance</u>&quot;).&#160; The Executive may draw on the Allowance for

expenses incurred in his discretion for items such as country club membership,

financial counseling or tax preparation.&#160;

Payment of the Allowance shall be subject to substantiation of expenses

in accordance with the Company&#146;s policies in effect from time to time for

executive officers of the Company.&#160;

Unused portions of the Allowance shall not be carried over from year to

year.&#160; For purposes of this Section

3(g), a new year shall be deemed to commence on each January 1.&#160; For the 2001 calendar year, Executive will

receive the full, unprorated $5,000 Allowance.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Automobile</u>.&#160; The Company shall provide Executive with a

monthly car allowance during the Employment Period in accordance with the

Company&#146;s current practices but in no event less than Executive's current

monthly car allowance.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Other Benefits</u>.&#160; During the Employment Period, the Company

shall provide to Executive such other benefits, excluding severance benefits,

but including the right to participate in such retirement or pension plans, as

are made generally available to officers of the Company from time to time.

Executive shall be given credit for purposes of eligibility and vesting of

employee benefits and benefit accrual for service prior to the Effective Date

with Avalon Properties, Inc. and its affiliates (&quot;<u>Avalon</u>&quot;),

and Trammell Crow Residential (&quot;<u>TCR</u>&quot;) under each benefit plan

of the Company and its subsidiaries to the extent such service had been

credited under employee benefit plans of Avalon or TCR, provided that no such

crediting of service results in duplication of benefits.<br clear="all" style="page-break-before:always"></font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Total Compensation</u>.&#160; The Company acknowledges that the

Executive&#146;s Cash Bonus and LT Equity Bonus awarded to the Executive by the

Board or Compensation Committee of the Board in its discretion from

time-to-time, are a material part of total compensation for the Executive.&#160;&#160; The Company will endeavor to provide

Executive with a reasonable Cash Bonus and/or reasonable LT Equity Bonus on an

annual basis such that the Executive&#146;s total compensation, in light of the

Company&#146;s performance and his performance in his role as provided in this

Agreement, is reasonable under the circumstances and reasonable relative to the

Cash Bonuses and LT Equity Bonuses awarded other officers of the Company.&#160; The Company shall not be in breach of this

provision unless it can be demonstrated that the Company acted in bad faith in

determining whether to award (or the size of an award of) a Cash Bonus or LT

Equity Bonus, which determination of bad faith shall specifically be made with

reference to the target awards set for other officers and the actual awards

paid other officers.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Expenses/Indemnification</u>.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During the Employment Period, the

Company shall reimburse Executive for the reasonable business expenses incurred

by Executive in the course of performing his duties for the Company hereunder,

upon submission of invoices, vouchers or other appropriate documentation, as may

be required in accordance with the policies in effect from time to time for

executive employees of the Company.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To the fullest extent permitted by

law, the Company shall indemnify Executive with respect to any actions

commenced against Executive in his capacity as an officer or director or former

officer or director of the Company, or any affiliate thereof for which he may

render service in such capacity, whether by or on behalf of the Company, its

shareholders or third parties, and the Company shall advance to Executive on a

timely basis an amount equal to the reasonable fees and expenses incurred in

defending such actions, after receipt of an itemized request for such advance,

and an undertaking from Executive to repay the amount of such advance, with

interest at a reasonable rate from the date of the request, as determined by

the Company, if it shall ultimately be determined that he is not entitled to be

indemnified against such expenses.&#160;

Notwithstanding the foregoing, the Company shall not indemnify Executive

with respect to any acts or omissions attributable, directly or indirectly, to

Executive&#146;s gross negligence, willful misconduct or material breach of this

Agreement.&#160;&#160; The Company agrees that it

shall use reasonable best efforts to secure and maintain officers' and

directors' liability insurance that shall include coverage with respect to

Executive.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Employer&#146;s Authority/Policies</u>.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General</u>.&#160; Executive agrees to observe and comply with

the rules and regulations of the Company as adopted by its Board respecting the

performance of his duties and to carry out and perform orders, directions and

policies communicated to him from time to time by the Board or the CEO.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Ethics Policies</u>.&#160; Executive agrees to comply with and be bound

by the Ethics Policies of the Company, as reflected in the attachment at <u>Annex

A</u> hereto and made a part hereof.&#160;

Executive agrees to comply with and be bound by the Company&#146;s insider

trading policies and procedures that are generally applicable to employees

and/or senior officers.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Records/Nondisclosure/Company

Policies</u>.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General</u>.&#160; All records, manuals, financial statements

and similar documents obtained, reviewed or compiled by Executive in the course

of the performance by him of services for the Company, whether or not

confidential information or trade secrets, shall be the exclusive property of

the Company.&#160; Executive shall have no

rights in such documents upon any termination of this Agreement.<br clear="all" style="page-break-before:always"></font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Nondisclosure Agreement</u>.&#160; Without limitation of the Company&#146;s rights

under Section 6(a), Executive agrees to abide by and be bound by the

Nondisclosure Agreement of the Company executed by Executive and the Company as

reflected in the attachment at <u>Annex B</u> and made a part hereof.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Termination; Severance and

Related Matters</u>.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>At&#150;Will Employment</u>.&#160; Executive&#146;s employment hereunder is &quot;at

will&quot; and, therefore, may be terminated at any time, with or without

Cause, at the option of the Company, subject only to the severance obligations

under this Section 7.&#160; Upon any termination

hereunder, the Employment Period shall expire.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Definitions</u>.&#160; For purposes of this Section 7, the

following terms shall have the indicated definitions:</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Cause</u>.&#160; &quot;Cause&quot; shall mean:</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Executive is convicted of or enters

a plea of nolo contendere to an act which is defined as a felony under any

federal, state or local law, not based upon a traffic violation, which

conviction or plea has or can be expected to have, in the good faith opinion of

the Board, a material adverse impact on the business or reputation of the

Company;</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any one or more acts of theft,

larceny, embezzlement, fraud or material intentional misappropriation from or

with respect to the Company;</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a breach by Executive of his fiduciary

duties under Maryland law as an officer; or material breach by Executive of any

rule, regulation, policy or procedure, the Company (including, without

limitation, as described in Section 5 hereof);</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Executive&#146;s commission of any one or

more acts of gross negligence or willful misconduct which in the good faith

opinion of the Board has resulted in material harm to the business or

reputation of the Company; or</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; default by Executive in the

performance of his material duties under this Agreement, without correction of

such action within 15 days of written notice thereof.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding the foregoing,

no termination of Executive&#146;s employment by the Company shall be treated as for

Cause or be effective until and unless all of the steps described in

subparagraphs (A) through (C) below have been complied with:</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notice of intention to terminate for

Cause has been given by the Company within 120 days after the Board learns of

the act, failure or event (or latest in a series of acts, failures or events)

constituting &quot;Cause&quot;;</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Board has voted (at a meeting of

the Board duly called and held as to which termination of Executive is an

agenda item) to terminate Executive for Cause after Executive has been given

notice of the particular acts or circumstances which are the basis for the

termination for Cause and has been afforded at least 20 days notice of the

meeting and an opportunity to present his position in writing; and<br clear="all" style="page-break-before:always"></font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Board has given a Notice of

Termination to Executive within 20 days after such Board meeting.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company may suspend Executive with pay at any

time during the period commencing with the giving of notice to Executive under

clause (A) above until final Notice of Termination is given under clause (C)

above.&#160; Upon the giving of notice as

provided in clause (C) above, no further payments shall be due Executive except

as provided in Section 7(c)(vii).</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Change in Control</u>.&#160; A &quot;Change in Control&quot; shall mean

the occurrence of any one or more of the following events following the

Effective Date:</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any individual, entity or group (a

&quot;Person&quot;) within the meaning of Sections 13(d) and 14(d) of the

Securities Exchange Act of 1934 (the &quot;Act&quot;) (other than the Company,

any corporation, partnership, trust or other entity controlled by the Company

(a &quot;Subsidiary&quot;), or any trustee, fiduciary or other person or entity

holding securities under any employee benefit plan or trust of the Company or

any of its Subsidiaries), together with all &quot;affiliates&quot; and

&quot;associates&quot; (as such terms are defined in Rule 12b&#150;2 under the

Act) of such Person, shall become the &quot;beneficial owner&quot; (as such

term is defined in Rule 13d&#150;3 under the Act) of securities of the Company

representing 30% or more of the combined voting power of the Company&#146;s then

outstanding securities having the right to vote generally in an election of the

Company&#146;s Board of Directors (&quot;Voting Securities&quot;), other than as a

result of (A) an acquisition of securities directly from the Company or any

Subsidiary or (B) an acquisition by any corporation pursuant to a reorganization,

consolidation or merger if, following such reorganization, consolidation or

merger the conditions described in clauses (A), (B) and (C) of subparagraph

(iii) of this Section 7(b)(2) are satisfied; or</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Individuals who, as of the Effective

Date, constitute the Company&#146;s Board (the &quot;Incumbent Directors&quot;)

cease for any reason to constitute at least a majority of the Board, provided,

however, that any individual becoming a director of the Company subsequent to

the date hereof (excluding, for this purpose, (A) any such individual whose

initial assumption of office is in connection with an actual or threatened

election contest relating to the election of members of the Board or other

actual or threatened solicitation of proxies or consents by or on behalf of a

Person other than the Board, including by reason of agreement intended to avoid

or settle any such actual or threatened contest or solicitation, and (B) any

individual whose initial assumption of office is in connection with a

reorganization, merger or consolidation, involving an unrelated entity and

occurring during the Employment Period), whose election or nomination for

election by the Company&#146;s shareholders was approved by a vote of at least a

majority of the persons then comprising Incumbent Directors shall for purposes

of this Agreement be considered an Incumbent Director; or</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';layout-grid-mode:line"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Consummation of a reorganization,

merger or consolidation of the Company, unless, following such reorganization,

merger or consolidation, (A) more than 50% of, respectively, the then

outstanding shares of common stock of the corporation resulting from such

reorganization, merger or consolidation and the combined voting power of the

then outstanding voting securities of such corporation entitled to vote

generally in the election of directors is then beneficially owned, directly or

indirectly, by all or substantially all of the individuals and entities who

were the beneficial owners, respectively, of the outstanding Voting Securities

immediately prior to such reorganization, merger or consolidation, (B) no

Person (excluding the Company, any employee benefit plan (or related trust) of

the Company, a Subsidiary or the corporation resulting from such

reorganization, merger or consolidation or any subsidiary thereof, and any

Person beneficially owning, immediately prior to such reorganization, merger or

consolidation, directly or indirectly, 30% or more of the outstanding Voting

Securities), beneficially owns, directly or indirectly, 30% or more of,

respectively, the then outstanding shares of common stock of the corporation

resulting from such reorganization, merger or consolidation or the combined

voting power of the then outstanding voting securities of such corporation

entitled to vote generally in the election of directors, and (C) at least a

majority of the members of the board of directors of the corporation resulting

from such reorganization, merger or consolidation were members of the Incumbent

Board at the time of the execution of the initial agreement providing for such

reorganization, merger or consolidation;</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Approval by the shareholders of the

Company of a complete liquidation or dissolution of the Company; or</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The sale, lease, exchange or other

disposition of all or substantially all of the assets of the Company, other than

to a corporation, with respect to which following such sale, lease, exchange or

other disposition (A) more than 50% of, respectively, the then outstanding

shares of common stock of such corporation and the combined voting power of the

then outstanding voting securities of such corporation entitled to vote

generally in the election of directors is then beneficially owned, directly or

indirectly, by all or substantially all of the individuals and entities who

were the beneficial owners of the outstanding Voting Securities immediately

prior to such sale, lease, exchange or other disposition, (B) no Person

(excluding the Company and any employee benefit plan (or related trust) of the

Company or a Subsidiary or such corporation or a subsidiary thereof and any

Person beneficially owning, immediately prior to such sale, lease, exchange or

other disposition, directly or indirectly, 30% or more of the outstanding

Voting Securities), beneficially owns, directly or indirectly, 30% or more of,

respectively, the then outstanding shares of common stock of such corporation

and the combined voting power of the then outstanding voting securities of such

corporation entitled to vote generally in the election of directors and (C) at

least a majority of the members of the board of directors of such corporation

were members of the Incumbent Board at the time of the execution of the initial

agreement or action of the Board of Directors providing for such sale, lease,

exchange or other disposition of assets of the Company.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">Notwithstanding

the foregoing, a &quot;Change in Control&quot; shall not be deemed to have

occurred for purposes of this Agreement solely as the result of an acquisition

of securities by the Company which, by reducing the number of shares of Voting

Securities outstanding, increases the proportionate voting power represented by

the Voting Securities beneficially owned by any Person to 30% or more of the

combined voting power of all then outstanding Voting Securities; provided,

however, that if any Person referred to in this sentence shall thereafter

become the beneficial owner of any additional shares of Stock or other Voting

Securities (other than pursuant to a stock split, stock dividend, or similar

transaction), then a &quot;Change in Control&quot; shall be deemed to have

occurred for purposes of this Agreement.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Complete Change in Control</u>.&#160; A &quot;Complete Change in Control&quot;

shall mean that a Change in Control has occurred, after modifying the

definition of &quot;Change in Control&quot; by deleting clause (i) from Section

7(b)(2) of this Agreement.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Constructive Termination Without

Cause</u>.&#160; &quot;Constructive

Termination Without Cause&quot; shall mean a termination of Executive&#146;s

employment initiated by Executive not later than 12 months following the

occurrence (not including any time during which an arbitration proceeding

referenced below is pending), without Executive&#146;s prior written consent, of one

or more of the following events (or the latest to occur in a series of events),

and effected after giving the Company not less than 10 working days&#146; written

notice of the specific act or acts relied upon and right to cure:<br clear="all" style="page-break-before:always"></font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a material adverse change in the

functions, duties or responsibilities of Executive&#146;s position which is

inconsistent with Section 2(a), except in connection with the termination of

Executive&#146;s employment for Disability, Cause, as a result of Executive&#146;s death

or by Executive other than for a Constructive Termination Without Cause;</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any material breach by the Company of

this Agreement;</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any purported termination of Executive&#146;s

employment for Cause by the Company which does not comply with the terms of

Section 7(b)(1) of this Agreement;</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the failure of the Company to obtain

an agreement, satisfactory to the Executive, from any successor or assign of

the Company, to assume and agree to perform this Agreement, as contemplated in

Section 10 of this Agreement;</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the failure by the Company to

continue in effect any compensation plan in which Executive participates

immediately prior to a Change in Control which is material to Executive&#146;s total

compensation, unless comparable alternative arrangements (embodied in ongoing

substitute or alternative plans) have been implemented with respect to such

plans, or the failure by the Company to continue Executive&#146;s participation

therein (or in such substitute or alternative plans) on a basis not materially

less favorable, in terms of the amount of benefits provided and the level of

Executive&#146;s participation relative to other participants, as existed during the

last completed fiscal year of the Company prior to the Change in Control;</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the relocation of the Company&#146;s

Alexandria, Virginia offices to a new location outside of the Metropolitan Area

or the failure to locate Executive&#146;s own office at the Alexandria, Virginia

office (or at the office to which such office is relocated which is within the

Metropolitan Area) (&quot;<u>Relocation Termination</u>&quot;); or</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any voluntary termination of employment

by the Executive for any reason during the 12&#150;month period immediately

following a Complete Change in Control of the Company if such Complete Change

in Control occurs during the Employment Period (a &#147;<u>CIC Pull</u>&#148;).</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">Notwithstanding

the foregoing, a Constructive Termination Without Cause shall not be treated as

having occurred unless Executive has given a final Notice of Termination

delivered after expiration of the Company&#146;s cure period. Executive or the

Company may, at any time after the expiration of the Company&#146;s cure period and

either prior to or up until three months after giving a final Notice of Termination,

commence an arbitration proceeding to determine the question of whether, taking

into account the actions complained of and any efforts made by the Company to

cure such actions, a termination by Executive of his employment should be

treated as a Constructive Termination Without Cause for purposes of this

Agreement.&#160; If the Executive or the

Company commences such a proceeding prior to delivery by Executive of a final

Notice of Termination, the commencement of such a proceeding shall be without

prejudice to either party and Executive&#146;s and the Company&#146;s rights and

obligations under this Agreement shall continue unaffected unless and until the

arbitrator has determined such question in the affirmative, or, if earlier, the

date on which Executive or the Company has delivered a Notice of Termination in

accordance with the provisions of this Agreement.</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';layout-grid-mode:line"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Average Covered Total Compensation</u>.&#160; &quot;Average Covered Total

Compensation&quot; shall mean the sum of Executive&#146;s Covered Total Compensation

as calculated for the calendar year in which the Date of Termination occurs and

for each of the two preceding calendar years, divided by three, <u>provided</u>,

<u>however</u>, that if the Date of Termination occurs before February 26,

2003, then &quot;Average Covered Total Compensation&quot; shall mean the sum of

Executive's Covered Total Compensation as calculated for the calendar year in

which the Date of Termination occurs and for the preceding calendar year,

divided by two.&#160; &quot;Average Covered

Base And Cash Bonus Compensation,&quot; &quot;Average Covered Cash Bonus

Compensation&quot; and &quot;Average Covered LT Equity Compensation&quot; shall

have analogous meanings but with reference to Covered Base And Cash Bonus

Compensation, Covered Cash Bonus Compensation and Covered LT Equity

Compensation, respectively.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(6)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Covered Compensation Definitions</u>.&#160; &quot;Covered Total Compensation,&quot; for

any calendar year, shall mean an amount equal to the sum of (i) Executive&#146;s

Base Salary for the calendar year, (ii) the cash bonus actually earned by

Executive with respect to such calendar year, and (iii) the value of all stock

and other equity&#150;based compensation awards made to Executive during such

calendar year.&#160; In the event that the

Company has or hereafter makes any special, mid-year or other non-routine grant

of equity outside of the Company's recurring annual equity compensation

programs, or in the event that the Company grants, outside of the current

recurring annual equity compensation programs, any equity based compensation

pursuant to any long-term plan under which equity grants may be made based on

multi-year Company results, the value of any such mid-year, special, or

long-term plan equity based compensation shall not be included in clause (iii)

of the preceding sentence and therefore shall not be included in the

calculation of Covered Compensation definitions, and the value of such equity

shall have no impact on any cash payments made under Section 7(c) of the

Agreement.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">&quot;Covered

Base And Cash Bonus Compensation&quot; for any calendar year shall mean Covered

Total Compensation for such year but without the inclusion of amounts

attributable to clause (iii) of the definition of Covered Total Compensation.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">&quot;Covered

Cash Bonus Compensation&quot; for any calendar year shall mean Covered Total

Compensation for such year but without the inclusion of amounts attributable to

clauses (i) and (iii) of the definition of Covered Total Compensation.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">&quot;Covered

LT Equity Compensation&quot; for any calendar year shall mean Covered Total

Compensation for such year but without the inclusion of clauses (i) and (ii) of

the definition of Covered Total Compensation.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For

purposes of applying the Covered Compensation definitions set forth above, the

following rules shall apply:</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In valuing awards for purposes of

clause (iii) of the definition of Covered Total Compensation, all such awards

shall be treated as if fully vested when granted, stock grants shall be valued

by reference to the fair market value on the date of grant of the Company&#146;s

common stock, par value $.01 per share, and other equity&#150;based

compensation awards shall be valued at the value established in good faith by

the Compensation Committee of the Board.&#160;

Reference is made to Section 7(c)(viii) for further clarification

regarding this matter.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In determining the cash bonus

actually paid with respect to a calendar year, if no cash bonus has been paid

with respect to the calendar year in which the Date of Termination occurs, the

cash bonus paid with respect to the immediately preceding calendar year shall

be assumed to have been paid in each of the current and immediately preceding

calendar years, and if no cash bonus has been paid by the Date of Termination

with respect to the immediately preceding calendar year, the cash bonus paid

with respect to the second preceding calendar year shall be assumed to have been

paid in all three (or two, as applicable) of the calendar years taken into

account in determining Average Covered Total Compensation (or any of the

derivative definitions under Section 7(b)(5)).</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';layout-grid-mode:line"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If (i) any cash bonus paid with

respect to the current or immediately preceding calendar year was paid within

three months of Executive&#146;s Date of Termination, (ii) such cash bonus is lower

than the last cash bonus paid more than three months from the Date of

Termination, and (iii) it is determined that the Board acted in bad faith in

setting such cash bonus (which determination of bad faith shall specifically be

made with reference to the target cash bonuses set for other officers and the

actual cash bonuses paid other officers), then in such event any such cash

bonus paid within three months of the Date of Termination shall be disregarded

and the last cash bonus paid more than three months from the Date of

Termination shall be substituted for each cash bonus so disregarded.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(D)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In determining the amount of stock and

other equity&#150;based compensation awards made during a calendar year during

the averaging period, rules similar to those set forth in subparagraphs (B) and

(C) of this Section 7(b)(6) shall be followed except that all awards made in

connection with the Company&#146;s initial public offering shall be disregarded.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(7)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Disability</u>.&#160; &quot;Disability&quot; shall mean Executive

has been determined to be disabled and to qualify for long&#150;term

disability benefits under the long&#150;term disability insurance policy

obtained pursuant to Section 3(d) of this Agreement.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Rights Upon Termination</u>.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Payment of Benefits Earned

Through Date of Termination</u>.&#160; Upon

any termination of Executive&#146;s employment during the Employment Period,

Executive, or his estate, shall in all events be paid (I) all accrued but

unpaid Base Salary and (II) (except in the case of a termination by the Company

for Cause or a voluntary termination by Executive which is not due to a

Constructive Termination Without Cause, in either of which cases this clause (II)

shall not apply) a pro rata portion of the Executive's Cash Bonus and LT Equity

Bonus.&#160; For purposes of fulfilling the

requirements of clause (II) of the prior sentence, the following shall apply:</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt;font-family:'Times New Roman'">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In

all events, any stock options issued will be issued prior to Executive's Date

of Termination so that such stock options are employee stock options.&#160; Such stock options shall have an exercise

price equal to the closing price of the Company&#146;s stock on the date of grant of

such options, and such options shall expire one year after the date of grant.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt;font-family:'Times New Roman'">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The

Company and Executive shall work in good faith to determine an appropriate Cash

Bonus and LT Equity Bonus for the year in which the Date of Termination

occurs.&#160; Such determination shall be

based in good faith on an evaluation of Executive's and the Company's

performance.&#160; If the Company and

Executive cannot agree on appropriate amounts, then:</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:2.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt;font-family:'Times New Roman'">(A)&#160;

The Company may defer the determination of the Cash Bonus and the

restricted stock portion of the LT Equity Bonus until such bonuses in respect

of such year are determined for other officers, and at such time the amounts to

be used for determining Executive's pro rata bonuses shall be a percentage of

his target Cash Bonus and a percentage of his target number of restricted

shares with such percentages being equal to the average of the percentages that

apply to the Cash Bonus and restricted shares, respectively, of other officers

ranked Senior Vice President or higher; and<br clear="all" style="page-break-before:always"></font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:2.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt;font-family:'Times New Roman'">(B) The Company may grant to Executive a

number of stock options based on the assumption that the percentage of the

target number of options Executive would have received in respect of the year

in which the Date of Termination occurs would equal the average of the

percentage realization applied to options granted with respect to the prior

three calendar years.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt;font-family:'Times New Roman'">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Once

the determination in the preceding paragraph is made, the pro rata portion of

such amounts shall equal such amounts multiplied by a fraction, the numerator

of which is the number of days from January 1 to the Date of Termination in the

year of termination and the denominator of which is 365.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">Executive

shall also retain all such rights with respect to vested equity&#150;based

awards as are provided under the circumstances under the applicable grant or

award agreement, and shall be entitled to all other benefits which are provided

under the circumstances in accordance with the provisions of the Company&#146;s

generally applicable employee benefit plans, practices and policies, other than

severance plans.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Death</u>.&#160; In the event of Executive&#146;s death during the

Employment Period, the Company shall, in addition to paying the amounts set

forth in Section 7(c)(i), take whatever action is necessary to cause all of

Executive&#146;s unvested equity&#150;based awards to become fully vested as of the

date of death and, in the case of equity&#150;based awards which have an

exercise schedule, to become fully exercisable and continue to be exercisable

for such period as is provided in the case of vested and exercisable awards in

the event of death under the terms of the applicable award agreements.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Disability</u>.&#160; In the event the Company elects to terminate

Executive&#146;s employment during the Employment Period on account of Disability,

the Company shall, in addition to paying the amounts set forth in Section

7(c)(i) and subject to Executive first entering into a separation agreement,

including a general release of all claims, in a form reasonably acceptable to

the Company (&quot;<u>Separation Agreement</u>&quot;), pay to Executive, in one

lump sum, no later than the later of the effective date of said Separation

Agreement or 31 days following the Date of Termination, an amount equal to one

times Average Covered Total Compensation.&#160;

The Company shall also, commencing upon the Date of Termination and

subject to Executive entering into a Separation Agreement:</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Continue, without cost to Executive,

benefits comparable to the medical benefits provided to Executive immediately

prior to the Date of Termination under Section 3(c) for a period of 12 months

following the Date of Termination or until such earlier date as Executive

obtains comparable benefits through other employment;</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Continue to pay, or reimburse

Executive, for all premiums then due or thereafter payable on the whole&#150;life

portion of the split&#150;dollar insurance policy referenced under Section

3(d) for so long as such payments are due; <u>provided</u>, that the Company&#146;s

obligations under this Section 7(c)(iii)(B) are contingent on Executive&#146;s

timely payment of the premiums then due or thereafter payable on the term

portion of said split-dollar insurance policy; and</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Take whatever action is necessary to

cause Executive to become vested as of the Date of Termination in all stock

options, restricted stock grants, and all other equity&#150;based awards and

be entitled to exercise and continue to exercise all stock options and all

other equity&#150;based awards having an exercise schedule and to retain such

grants and awards to the same extent as if they were vested upon termination of

employment in accordance with their terms.</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';layout-grid-mode:line"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(D)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If Executive obtains a disability

policy on commercially reasonable terms with the same or similar coverage as

provided by the Company prior to the Date of Termination then, until that date

that is 12 months following the Date of Termination (or, if earlier, until

Executive obtains comparable benefits through other employment), reimburse

Executive for an amount equal to the difference between (i) the monthly

premiums for such disability policy, less (ii) the amount paid by Executive in

respect of a portion of the premiums on the disability policy provided by

Company prior to the Date of Termination.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Non&#150;Renewal by the Company</u>.&#160; In the event the Company gives Executive a

notice of non&#150;renewal pursuant to Section 1 above, and either (I) within

one year after expiration of the Employment Period the Executive voluntarily

terminates his employment (&quot;<u>Post-Expiration Resignation</u>&quot;) or

(II) within two years after expiration of the Employment Period the Executive&#146;s

employment is terminated by the Company without Cause or Constructively

Terminated without Cause (&quot;<u>Post-Expiration Termination</u>&quot;),

then, in either such case, the Company shall, in addition to paying the amounts

set forth in Section 7(c)(i), and subject to Executive first entering into a

Separation Agreement, pay to Executive, for 12 consecutive months beginning

with the first business day of the calendar month following the Effective Date

of said Separation Agreement, a monthly amount equal to one-twelfth ( <sup>1</sup>/<sub>12</sub>)

of the sum of one times his then applicable Base Salary plus one times Average

Covered Cash Bonus Compensation.&#160; The

Company shall also, commencing upon the Date of Termination and subject to

Executive entering into a Separation Agreement, continue, without cost to Executive,

benefits comparable to the medical benefits provided to Executive immediately

prior to the Date of Termination under Section 3(c) for a period of 12 months

following the Date of Termination or until such earlier date as Executive

obtains comparable benefits through other employment.&#160; In addition, if Executive obtains a disability policy on

commercially reasonable terms with the same or similar coverage as provided by

the Company prior to the Date of Termination then, until that date that is 12

months following the Date of Termination (or, if earlier, until Executive

obtains comparable benefits through other employment), reimburse Executive for

an amount equal to the difference between (i) the monthly premiums for such

disability policy, less (ii) the amount paid by Executive in respect of a

portion of the premiums on the disability policy provided by Company prior to

the Date of Termination.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">In

addition to the above, in the case of a Post-Expiration Termination the Company

additionally shall:</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:6.0pt;margin-left:2.75in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">I.&#160; Take whatever action is necessary to cause

Executive to become vested as of the Date of Termination in all stock options,

restricted stock grants, and all other equity&#150;based awards and be

entitled to exercise and continue to exercise all stock options and all other

equity&#150;based awards having an exercise schedule and to retain such grants

and awards to the same extent as if they were vested upon termination of

employment in accordance with their terms; and</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:6.0pt;margin-left:2.75in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">II.&#160; Continue to pay, or reimburse Executive for,

all premiums then due or thereafter payable on the whole&#150;life portion of

the split&#150;dollar insurance policy referenced under Section 3(d) for so

long as such payments are due; <u>provided</u>, that the Company&#146;s obligations

under this Section 7(c)(iv)(B)(II) are contingent on Executive&#146;s timely payment

of the premiums then due or thereafter payable on the term portion of said

split-dollar insurance policy; <br clear="all" style="

page-break-before:always"></font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Termination Without Cause or

Constructive Termination Without Cause Prior to Change in Control of Company</u>.&#160; In the event the Company or any successor to

the Company terminates Executive&#146;s employment without Cause, or if Executive

terminates his employment in a Constructive Termination without Cause, in

either case prior to the effective time of any Change in Control of the Company

or at any time after two years after a Change in Control of the Company, the

Company shall, in addition to paying the amounts provided under Section

7(c)(i), and subject to Executive first entering into a Separation Agreement,

pay to Executive, in one lump sum no later than the later of the Effective Date

of said Separation Agreement or 31 days following the Date of Termination, an

amount equal to the sum of (x) two times Average Covered Base And Cash Bonus

Compensation <u>plus</u> (y) one times Average Covered LT Equity Compensation

(such sum, the &#147;<u>Section 7(c)(v) Payment</u>&#148;); <u>provided</u>, <u>however</u>,

that in the event that the Constructive Termination Without Cause is a

Relocation Termination, the Section 7(c)(v) Payment shall be an amount equal to

one times Average Covered Total Compensation.&#160;

The Company shall also, commencing upon the Date of Termination and

subject to the Executive entering into a Separation Agreement:</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Continue, without cost to Executive,

benefits comparable to the medical benefits provided to Executive immediately

prior to the Date of Termination under Section 3(c) for a period of 24 months

(12 months in the case of a Relocation Termination) following the Date of

Termination or until such earlier date as Executive obtains comparable benefits

through other employment;</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Continue to pay, or reimburse

Executive, for so long as such payments are due, all premiums then due or

payable on the whole&#150;life portion of the split&#150;dollar insurance

policy referenced under Section 3(d); <u>provided</u> that the Company&#146;s

obligations under this Section 7(c)(v)(B) are contingent on Executive&#146;s timely

payment of the premiums then due or thereafter payable on the term portion of

said split-dollar insurance policy; and</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Take whatever action is necessary to

cause Executive to become vested as of the Date of Termination in all stock

options, restricted stock grants, and all other equity&#150;based awards and

be entitled to exercise and continue to exercise all stock options and all

other equity&#150;based awards having an exercise schedule and to retain such

grants and awards to the same extent as if they were vested upon termination of

employment in accordance with their terms.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(D)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If Executive obtains a disability

policy on commercially reasonable terms with the same or similar coverage as

provided by the Company prior to the Date of Termination then, until that date

that is 24 months (12 months in the case of a Relocation Termination) following

the Date of Termination (or, if earlier, until Executive obtains comparable

benefits through other employment), reimburse Executive for an amount equal to

the difference between (i) the premium for such disability policy, less (ii)

the amount paid by Executive in respect of a portion of the premiums on the

disability policy provided by Company prior to the Date of Termination.</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';layout-grid-mode:line"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">In

the event that, within six months after the Notice of Termination which gave

rise to the termination of Executive&#146;s employment under this Section 7(c)(v), a

Change in Control of the Company occurs, then (provided Executive previously

signed a Separation Agreement), Executive shall be entitled to receive the

payments and benefits under Section 7(c)(vi) rather than this Section

7(c)(v).&#160; To effect this increase in payments

and benefits, within 31 days of the Change in Control the Company shall pay to

Executive, in one lump sum, an amount equal to the difference between (A) three

times Average Covered Total Compensation (calculated as of the Date of

Termination) less (B) the Section 7(c)(v) Payment. No payment in the nature of

interest or for the time value of money shall be paid by the Company.&#160;&#160;&#160;&#160;&#160;&#160; In addition, the benefits described in

Section 7(c)(v)(A) shall continue for 36 months following the Date of

Termination (or until such earlier date as Executive obtains comparable

benefits through other employment) rather than 24 months.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Termination without Cause within

Two Years Following a Change in Control</u>.&#160;

In the event the Company or any successor to the Company terminates

Executive&#146;s employment without Cause (or Executive's employment is

Constructively Terminated without Cause) within two years following the

effective time of a Change in Control of the Company, the Company shall, in

addition to paying the amounts provided under Section 7(c)(i), and subject to

the Executive first entering into a Separation Agreement, pay to the Executive,

in one lump sum no later than the later of the effective date of said

Separation Agreement or 31 days following the Date of Termination, an amount

equal to three times Average Covered Total Compensation, <u>provided</u>, <u>however</u>,

that in the event the termination is due to a CIC Pull, then the payment shall

be an amount equal to two times Average Covered Total Compensation.&#160; The Company shall also, commencing upon the

Date of Termination:</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Continue, without cost to Executive,

benefits comparable to the medical benefits provided to Executive immediately

prior to the Date of Termination under Section 3(c) for a period of 36 months

(24 months in the case of a termination due to a CIC Pull) following the Date

of Termination or until such earlier date as Executive obtains comparable

benefits through other employment;</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Continue to pay, or reimburse

Executive, for so long as such payments are due, all premiums then due or

payable on the whole&#150;life portion of the split&#150;dollar insurance

policy referenced under Section 3(d); <u>provided</u> that the Company&#146;s

obligations under this Section 7(c)(vi)(B) are contingent on Executive&#146;s timely

payment of the premiums then due or thereafter payable on the term portion of

said split-dollar insurance policy; and</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Take whatever action is necessary to

cause Executive to become vested as of the Date of Termination in all stock

options, restricted stock grants, and all other equity&#150;based awards and

be entitled to exercise and continue to exercise all stock options and all

other equity&#150;based awards having an exercise schedule and to retain such

grants and awards to the same extent as if they were vested upon termination of

employment in accordance with their terms.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(D)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If Executive obtains a disability

policy on commercially reasonable terms with the same or similar coverage as

provided by the Company prior to the Date of Termination then, until that date

that is 36 months (24 months in the case of a termination due to a CIC Pull)

following the Date of Termination (or, if earlier, until Executive obtains

comparable benefits through other employment), reimburse Executive for an

amount equal to the difference between (i) the monthly premiums for such disability

policy, less (ii) the amount paid by Executive in respect of a portion of the

premiums on the disability policy provided by Company prior to the Date of

Termination.<br clear="all" style="page-break-before:

always"></font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Termination for Cause; Voluntary

Resignation</u>.&#160; In the event

Executive&#146;s employment terminates during the Employment Period other than in

connection with a termination meeting the conditions of subparagraphs (ii),

(iii), (iv), (v) or (vi) of this Section 7(c), Executive shall receive the

amounts set forth in Section 7(c)(i) in full satisfaction of all of his

entitlements from the Company.&#160; All

equity&#150;based awards not vested as of the Date of Termination shall

terminate (unless otherwise provided in the applicable award agreement) and

Executive shall have no further entitlements with respect thereto.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(viii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Clarification Regarding Treatment of

Options and Restricted Stock</u>.&#160; The

stock option and restricted stock agreements (the &quot;<u>Equity Award

Agreements</u>&quot;) that Executive has or may receive may contain language

regarding the effect of a termination of Executive's employment under certain

circumstances.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding such language in the

Equity Award Agreements, for so long as this Agreement is in effect, the

Company will be obligated, if the terms of this Agreement are more favorable in

this regard than the terms of the Equity Award Agreements, to take the actions

required under Sections 7(c)(ii), 7(c)(iii)(C), 7(c)(iv)(for a Post-Expiration

Termination), 7(c)(v)(C) and 7(c)(vi)(C) hereof upon the happening of the

circumstances described therein.&#160; Those

sections provide that in certain situations the Company will cause the

Executive to become vested as of the Date of Termination in all or certain

equity-based awards, and that such equity-based awards will thereafter be

subject to the provisions of the applicable Equity Award Agreement as it

applies to vested awards upon a termination.&#160;

For purposes of clarification, although an option grant may <i><font style="font-style:italic">vest</font></i> in accordance with these

above-referenced Sections, such optionwill thereafter be <i><font style="font-style:italic">exercisable</font></i> only for so long as the

related option agreement provides, except that the Compensation Committee of

the Board of Directors may, in its sole discretion, elect to extend the

expiration date of such option.&#160; For

example, in general Executive's option agreements granted prior to the date

hereof provide that (in the absence of an extension by the Compensation

Committee) upon a termination of employment for any reason other than death,

disability, retirement or cause, any vested options will only be exercisable

for three months from the date of termination or, if earlier, the expiration

date of the option.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding the definition of

&quot;Cause&quot; which may appear in the Equity Award Agreements, for so long

as this Agreement is in effect (X) any &quot;for Cause&quot; termination must

be in compliance with the terms of this Agreement, including the definition of

&quot;Cause&quot; set forth herein, and (Y) only in the event of a &quot;for

Cause&quot; termination that meets both the definition in this Agreement and

the definition in the Equity Award Agreement will the disposition of options

and restricted stock under such Equity Award Agreement be treated in the manner

described in such Equity Award Agreement in the case of a termination &quot;for

Cause.&quot;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';layout-grid-mode:line"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For purposes of Section 7(b)(6)(A),

the value of any option may be determined by the Compensation Committee of the

Board at any time after its grant date by setting such value at the value

determined by a nationally recognized accounting firm or employee benefits

compensation firm, selected by such Committee, that calculates such value in

accordance with a Black-Scholes formula or variations thereof using such

parameters and procedures (including, without limitation, parameters and

procedures used to measure the historical volatility of the Company's common

stock as of the relevant grant date) as the Compensation Committee and/or such

firm deems reasonably appropriate.&#160; In

all events, if the parameters used for valuing any option for purposes of Section

7(b)(6)(A) are the same as the parameters used for valuing any other options

for purposes of disclosure or inclusion in the Company's financial statements

or financial statement footnotes, then such parameters shall be deemed

reasonable.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(D)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During the Employment Period any stock

options issued to Executive shall provide that if Executive's employment is

terminated in any manner which gives rise to an obligation under this Agreement

(or any successor Agreement or other severance arrangement) to cause the

acceleration of vesting of stock options, then in such event such stock options

shall not expire until one year after the Date of Termination (or, if earlier,

the expiration of their ordinary term).&#160;

This covenant of the Company shall not apply to any stock options issued

prior to June 1, 2001 or to any stock options issued after the expiration of

the Employment Period.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Additional Benefits</u>.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Anything in this Agreement to the

contrary notwithstanding, in the event it shall be determined that any payment

or distribution by the Company to or for the benefit of Executive, whether paid

or payable or distributed or distributable (1) pursuant to the terms of Section

7 of this Agreement, (2) pursuant to or in connection with any compensatory or

employee benefit plan, agreement or arrangement, including but not limited to

any stock options, restricted or unrestricted stock grants issued to or for the

benefit of Executive and forgiveness of any loans by the Company to Executive

or (3) otherwise (collectively, &quot;Severance Payments&quot;), would be

subject to the excise tax imposed by Section 4999 of the Internal Revenue Code

of 1986, as amended (the &quot;Code&quot;), and any interest or penalties are

incurred by Executive with respect to such excise tax (such excise tax,

together with any such interest and penalties, are hereinafter collectively

referred to as the &quot;Excise Tax&quot;), then Executive shall be entitled to

receive an additional payment from the Company (a &quot;Partial Gross&#150;Up

Payment&quot;), such that the net amount retained by Executive, before accrual

or payment of any Federal, state or local income tax or employment tax, but

after accrual or payment of the Excise Tax attributable to the Partial Gross&#150;Up

Payment, is equal to the Excise Tax on the Severance Payments.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to the provisions of Section

7(d)(iii), all determinations required to be made under this Section 7,

including whether a Partial Gross&#150;Up Payment is required and the amount

of such Partial Gross&#150;Up Payment, shall be made by Arthur Andersen LLP or

such other nationally recognized accounting firm as may at that time be the

Company&#146;s independent public accountants immediately prior to the Change in

Control (the &quot;Accounting Firm&quot;), which shall provide detailed

supporting calculations both to the Company and Executive as soon as practicable

after the Date of Termination, if applicable.&#160;

The initial Partial Gross&#150;Up Payment, if any, as determined

pursuant to this Section 7(d)(ii), shall be paid to Executive within five days

of the receipt of the Accounting Firm&#146;s determination.&#160; If the Accounting Firm determines that no

Excise Tax is payable by Executive, the Company shall furnish Executive with an

opinion of counsel that failure to report the Excise Tax on Executive&#146;s

applicable federal income tax return would not result in the imposition of a

negligence or similar penalty.&#160; Any

determination by the Accounting Firm shall be binding upon the Company and

Executive.&#160; As a result of the

uncertainty in the application of Section 4999 of the Code at the time of the

initial determination by the Accounting Firm hereunder, it is possible that

Partial Gross&#150;Up Payments which will not have been made by the Company

should have been made (an &quot;Underpayment&quot;).&#160; In the event that the Company exhausts its remedies pursuant to

Section 7(d)(iii) and Executive thereafter is required to make a payment of any

Excise Tax, the Accounting Firm shall determine the amount of the Underpayment

that has occurred, consistent with the calculations required to be made

hereunder, and any such Underpayment, and any interest and penalties imposed on

the Underpayment and required to be paid by Executive in connection with the

proceedings described in Section 7(d)(iii), and any related legal and

accounting expenses, shall be promptly paid by the Company to or for the

benefit of Executive.<br clear="all" style="

page-break-before:always"></font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Executive shall notify the Company in

writing of any claim by the Internal Revenue Service that, if successful, would

require the payment by the Company of the Partial Gross&#150;Up Payment.&#160; Such notification shall be given as soon as

practicable but no later than 10 business days after Executive acquires actual

knowledge of such claim and shall apprise the Company of the nature of such

claim and the date on which such claim is requested to be paid.&#160; Executive shall not pay such claim prior to

the expiration of the 30&#150;day period following the date on which he gives

such notice to the Company (or such shorter period ending on the date that any

payment of taxes with respect to such claim is due).&#160; If the Company notifies Executive in writing prior to the expiration

of such period that it desires to contest such claim, Executive shall:</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; give the Company any information

reasonably requested by the Company relating to such claim,</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; take such action in connection with

contesting such claim as the Company shall reasonably request in writing from

time to time, including, without limitation, accepting legal representation

with respect to such claim by an attorney selected by the Company,</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; cooperate with the Company in good

faith in order effectively to contest such claim, and</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(D)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; permit the Company to participate in

any proceedings relating to such claim; provided, however that the Company

shall bear and pay directly all costs and expenses attributable to the failure

to pay the Excise Tax (including related additional interest and penalties)

incurred in connection with such contest and shall indemnify and hold Executive

harmless, for any Excise Tax up to an amount not exceeding the Partial Gross&#150;Up

Payment, including interest and penalties with respect thereto, imposed as a

result of such representation, and payment of related legal and accounting

costs and expenses (the &quot;Indemnification Limit&quot;).&#160; Without limitation on the foregoing

provisions of this Section 7(d)(iii), the Company shall control all proceedings

taken in connection with such contest and, at its sole option may pursue or

forego any and all administrative appeals, proceedings, hearings and

conferences with the taxing authority in respect of such claim and may, at its

sole option, either direct Executive to pay the tax claimed and sue for a

refund or contest the claim in any permissible manner, and Executive agrees to

prosecute such contest to a determination before any administrative tribunal,

in a court of initial jurisdiction and in one or more appellate courts, as the

Company shall determine; provided, however, that if the Company directs

Executive to pay such claim and sue for a refund, the Company shall advance so

much of the amount of such payment as does not exceed the Excise Tax, and

related interest and penalties, to Executive on an interest&#150;free basis

and shall indemnify and hold Executive harmless, from any related legal and

accounting costs and expenses, and from any Excise Tax, including related

interest or penalties imposed with respect to such advance or with respect to

any imputed income with respect to such advance up to an amount not exceeding

the Indemnification Limit; and further provided that any extension of the

statute of limitations relating to payment of taxes for the taxable year of

Executive with respect to which such contested amount is claimed to be due is

limited solely to such contested amount.&#160;

Furthermore, the Company&#146;s control of the contest shall be limited to

issues with respect to which a Partial Gross&#150;Up Payment would be payable

hereunder and Executive shall be entitled to settle or contest, as the case may

be, any other issues raised by the Internal Revenue Service or any other taxing

authority.</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';layout-grid-mode:line"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If, after the receipt by Executive of

an amount advanced by the Company pursuant to Section 7(d)(iii), Executive

becomes entitled to receive any refund with respect to such claim, Executive

shall (subject to the Company&#146;s complying with the requirements of Section

7(d)(iii)) promptly pay to the Company so much of such refund (together with

any interest paid or credited thereon after taxes applicable thereto) (the

&quot;Refund&quot;) as is equal to (A) if the Company advanced or paid the

entire amount required to be so advanced or paid pursuant to Section 7(d)(iii)

hereof (the &quot;Required Section 7(d) Advance&quot;), the aggregate amount

advanced or paid by the Company pursuant to this Section 7(d) less the portion

of such amount advanced to Executive to reimburse him for related legal and

accounting costs, or (B) if the Company advanced or paid less than the Required

Section 7(d) Advance, so much of the aggregate amount so advanced or paid by

the Company pursuant to this Section 7(d) as is equal to the difference, if

any, between (C) the amount refunded to Executive with respect to such claim and

(D) the sum of the portion of the Required Section 7(d) Advance that was paid

by Executive and not paid or advanced by the Company plus Executive&#146;s related

legal and accounting fees, as applicable.&#160;

If, after the receipt by Executive of an amount advanced by the Company

pursuant to Section 7(d)(iii), a determination is made that Executive shall not

be entitled to any refund with respect to such claim and the Company does not

notify Executive in writing of its intent to contest such denial of refund prior

to the expiration of 30 days after such determination, then such advance shall

be forgiven and shall not be required to be repaid and the amount of such

advance shall offset, to the extent thereof, the amount of Partial Gross&#150;Up

Payment required to be paid.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notice of Termination</u>.&#160; Notice of non&#150;renewal of this

Agreement pursuant to Section 1 hereof or of any termination of Executive&#146;s

employment (other than by reason of death) shall be communicated by written

notice (a &quot;Notice of Termination&quot;) from one party hereto to the other

party hereto in accordance with this Section 7 and Section 9.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Date of Termination</u>.&#160; &quot;Date of Termination,&quot; with

respect to any termination of Executive&#146;s employment during the Employment

Period, shall mean (i) if Executive&#146;s employment is terminated for Disability,

30 days after Notice of Termination is given (provided that Executive shall not

have returned to the full&#150;time performance of Executive&#146;s duties during

such 30 day period), (ii) if Executive&#146;s employment is terminated for Cause,

the date on which a Notice of Termination is given which complies with the

requirements of Section 7(b)(1) hereof, and (iii) if Executive&#146;s employment is

terminated for any other reason, the date specified in the Notice of

Termination.&#160; In the case of a

termination by the Company other than for Cause, the Date of Termination shall

not be less than 30 days after the Notice of Termination is given.&#160; In the case of a termination by Executive,

the Date of Termination shall not be less than 15 days from the date such

Notice of Termination is given.&#160;

Notwithstanding the foregoing, in the event that Executive gives a

Notice of Termination to the Company, the Company may unilaterally accelerate

the Date of Termination and such acceleration shall not result in the

termination being treated as a termination without Cause.&#160; Upon any termination of his employment,

Executive will concurrently resign his membership as a director and/or officer

of the Company and all subsidiaries of the Company, to the extent applicable.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Mitigation</u>.&#160; The Company agrees that, if Executive&#146;s

employment by the Company is terminated during the term of this Agreement,

Executive is not required to seek other employment, or to attempt in any way to

reduce any amounts payable to Executive by the Company pursuant to Section

7(d)(i) hereof.&#160; Further, the amount of

any payment provided for in this Agreement shall not be reduced by any

compensation earned by Executive as the result of employment by another

employer, by retirement benefits, or, except for amounts then due and payable

in accordance with the terms of any promissory notes given by Executive in

favor of the Company, by offset against any amount claimed to be owed by

Executive to the Company or otherwise.&#160; <br clear="all" style="page-break-before:always"></font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Nature of Payments</u>.&#160; The amounts due under this Section 7 are in

the nature of severance payments considered to be reasonable by the Company and

are not in the nature of a penalty.&#160;

Such amounts are in full satisfaction of all claims Executive may have

in respect of his employment by the Company or its affiliates and are provided

as the sole and exclusive benefits to be provided to Executive, his estate, or

his beneficiaries in respect of his termination of employment from the Company

or its affiliates.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Non&#150;Competition; Non&#150;Solicitation;

Specific Enforcement</u>.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Non&#150;Competition</u>.&#160; Because Executive&#146;s services to the Company

are special and because Executive has access to the Company&#146;s confidential

information, Executive covenants and agrees that, during the Employment Period

and, for a period of one year following the Date of Termination by the Company

for Cause or Disability, or a termination by Executive (other than a

Constructive Termination Without Cause) prior to a Change in Control, Executive

shall not, without the prior written consent of the Board of Directors, become

associated with, or engage in any &quot;Restricted Activities&quot; with

respect to any &quot;Competing Enterprise,&quot; as such terms are hereinafter

defined, whether as an officer, employee, principal, partner, agent,

consultant, independent contractor or shareholder.&#160; &quot;Competing Enterprise,&quot; for purposes of this Agreement,

shall mean any person, corporation, partnership, venture or other entity which

is engaged in the business of managing, owning, leasing or joint venturing

multifamily rental real estate within 30 miles of multifamily rental real

estate owned or under management by the Company or its affiliates.&#160; &quot;Restricted Activities,&quot; for

purposes of this Agreement, shall mean executive, managerial, directorial,

administrative, strategic, business development or supervisory responsibilities

and activities relating to all aspects of multifamily rental real estate

ownership, management, multifamily rental real estate franchising, and

multifamily rental real estate joint&#150;venturing.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Non&#150;Solicitation</u>.&#160; For so long as the Executive remains

employed by the Company (or any successor thereto) and for one year following

termination of employment, regardless of reason, Executive shall not, without

the prior written consent of the Company, except in the course of carrying out

his duties hereunder, solicit or attempt to solicit for employment with or on

behalf of any corporation, partnership, venture or other business entity, any

employee of the Company or any of its affiliates or any person who was formerly

employed by the Company or any of its affiliates within the preceding six

months, unless such person&#146;s employment was terminated by the Company or any of

such affiliates.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Specific Enforcement</u>.&#160; Executive and the Company agree that the

restrictions, prohibitions and other provisions of this Section 8 are

reasonable, fair and equitable in scope, terms, and duration, are necessary to

protect the legitimate business interests of the Company and are a material

inducement to the Company to enter into this Agreement.&#160; Should a decision be made by a court of

competent jurisdiction that the character, duration or geographical scope of

the provisions of this Section&nbsp;8 is unreasonable, the parties intend and

agree that this Agreement shall be construed by the court in such a manner as

to impose all of those restrictions on Executive&#146;s conduct that are reasonable

in light of the circumstances and as are necessary to assure to the Company the

benefits of this Agreement.&#160; The Company

and Executive further agree that the services to be rendered under this

Agreement by Executive are special, unique and of extraordinary character, and

that in the event of the breach by Executive of the terms and conditions of

this Agreement or if Executive, without the prior consent of the Board of

Directors, shall take any action in violation of this Section 8, the Company

will suffer irreparable harm for which there is no adequate remedy at law.&#160; Accordingly, Executive hereby consents to

the entry of a temporary restraining order or ex parte injunction, in addition

to any other remedies available at law or in equity, to enforce the provisions

hereof.&#160; Any proceeding or action

seeking equitable relief for violation of this Section 8 must be commenced in

the federal or state courts, in either case in Virginia.&#160; Executive and the Company irrevocably and

unconditionally submit to the jurisdiction of such courts and agree to take any

and all future action necessary to submit to the jurisdiction of and venue in

such courts.<br clear="all" style="page-break-before:

always"></font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notice</u>.&#160; Any notice required or permitted hereunder

shall be in writing and shall be deemed sufficient when given by hand or by

nationally recognized overnight courier or by Express, registered or certified

mail, postage prepaid, return receipt requested, and addressed, if to the

Company at 2900 Eisenhower Avenue, Suite 300, Alexandria, VA 22303,

Attention:&#160; Chief Executive Officer

(with a second copy, sent by the same means and to the same address,

Attention:&#160; General Counsel), and if to

Executive at the address set forth in the Company&#146;s records (or to such other

address as may be provided by notice).</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Miscellaneous</u>.&#160; This Agreement, together with Annex A and

Annex B and the Split Dollar Insurance Agreement and any Equity Award Agreements

now or hereafter in effect, constitutes the entire agreement between the

parties concerning the subjects hereof and supersedes any and all prior

agreements or understandings, including, without limitation, any plan or

agreement providing benefits in the nature of severance, but excluding benefits

provided under other Company plans or agreements, except to the extent this

Agreement provides greater rights than are provided under such other plans or

agreements.&#160; This Agreement may not be

assigned by Executive without the prior written consent of the Company, and may

be assigned by the Company and shall be binding upon, and inure to the benefit

of, the Company&#146;s successors and assigns.&#160;

The Company will require any successor (whether direct or indirect, by

purchase, merger, consolidation or otherwise) to all or substantially all of

the business and/or assets of the Company to assume expressly and agree to

perform this Agreement in the same manner and to the same extent that the

Company would be required to perform it if no such succession had taken

place.&#160; As used in this Agreement,

&quot;Company&quot; shall mean the Company as hereinbefore defined and any

successor to its business and/or assets as aforesaid which assumes and agrees

to perform this Agreement by operation of law, or otherwise.&#160; Headings herein are for convenience of

reference only and shall not define, limit or interpret the contents hereof.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Amendment</u>.&#160; This Agreement may be amended, modified or

supplemented by the mutual consent of the parties in writing, but no oral

amendment, modification or supplement shall be effective.&#160; No waiver by either party of any breach by

the other party of any condition or provision contained in this Agreement to be

performed by such other party shall be deemed a waiver of a similar or

dissimilar condition or provision at the same or any prior or subsequent

time.&#160; Any waiver must be in writing and

signed by Executive or an authorized officer of the Company, as the case may

be.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Severability</u>.&#160; The provisions of this Agreement are

severable.&#160; The invalidity of any

provision shall not affect the validity of any other provision, and each

provision of this Agreement shall be valid and enforceable to the fullest

extent permitted by law.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Resolution of Disputes</u>.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Procedures and Scope of

Arbitration</u>.&#160; Except for any

controversy or claim seeking equitable relief pursuant to Section 8 of this

Agreement, all controversies and claims arising under or in connection with

this Agreement or relating to the interpretation, breach or enforcement thereof

and all other disputes between the parties, shall be resolved by expedited,

binding arbitration, to be held in the District of Columbia metropolitan area

in accordance with the applicable rules of the American Arbitration Association

governing employment disputes (the &quot;National Rules&quot;).&#160; In any proceeding relating to the amount

owed to Executive in connection with his termination of employment, it is the

contemplation of the parties that the only remedy that the arbitrator may award

in such a proceeding is an amount equal to the termination payments, if any,

required to be provided under the applicable provisions of Section 7(c) and, if

applicable, Section 7(d) hereof, to the extent not previously paid, plus the

costs of arbitration and Executive&#146;s reasonable attorneys fees and expenses as

provided below.&#160; Any award made by such

arbitrator shall be final, binding and conclusive on the parties for all

purposes, and judgment upon the award rendered by the arbitrator may be entered

in any court having jurisdiction thereof.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Attorneys Fees</u>.<br clear="all" style="page-break-before:always"></font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Reimbursement After Executive

Prevails</u>.&#160; Except as otherwise

provided in this paragraph, each party shall pay the cost of his or its own

legal fees and expenses incurred in connection with an arbitration

proceeding.&#160; Provided an award is made

in favor of Executive in such proceeding, all of his reasonable attorneys fees

and expenses incurred in pursuing or defending such proceeding shall be

promptly reimbursed to Executive by the Company within five days of the entry

of the award.&#160; Any award of reasonable

attorneys' fees shall take into account any offer of the Company, such that an

award of attorneys' fees to the Executive may be limited or eliminated to the

extent that the final decision in favor of the Executive does not represent a

material increase in value over the offer that was made by the Company during

the course of such proceeding.&#160; However,

any elimination or limitation on attorneys' fees shall only apply to those

attorneys' fees incurred after the offer by the Company.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Reimbursement in Actions to Stay,

Enjoin or Collect</u>.&#160; In any case

where the Company or any other person seeks to stay or enjoin the commencement

or continuation of an arbitration proceeding, whether before or after an award

has been made, or where Executive seeks recovery of amounts due after an award

has been made, or where the Company brings any proceeding challenging or

contesting the award, all of Executive&#146;s reasonable attorneys fees and expenses

incurred in connection therewith shall be promptly reimbursed by the Company to

Executive, within five days of presentation of an itemized request for

reimbursement, regardless of whether Executive prevails, regardless of the

forum in which such proceeding is brought, and regardless of whether a Change

in Control has occurred.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Reimbursement After a Change in

Control</u>.&#160; Without limitation on the

foregoing, solely in a proceeding commenced by the Company or by Executive

after a Change in Control has occurred, the Company shall advance to Executive,

within five days of presentation of an itemized request for reimbursement, all

of Executive&#146;s legal fees and expenses incurred in connection therewith,

regardless of the forum in which such proceeding was commenced, subject to delivery

of an undertaking by Executive to reimburse the Company for such advance if he

does not prevail in such proceeding (unless such fees are to be reimbursed

regardless of whether Executive prevails as provided in clause (ii) above).</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Survivorship</u>.&#160; The provisions of Sections 4(b), 6, 8 (to

the extent described below) and 13 of this Agreement shall survive Executive&#146;s

termination of employment.&#160;&#160; Other

provisions of this Agreement shall survive any termination of Executive&#146;s

employment to the extent necessary to the intended preservation of each party&#146;s

respective rights and obligations.&#160; The

provisions of Section 8(a) shall in no event apply if Executive&#146;s employment

terminates for any reason after the expiration of the Employment Period (for

clarification, this means that if Executive's employment terminates on or prior

to the expiration of the Original Term or any later Renewal Term then the one

year post-termination non-compete set forth in Section 8(a) will apply if the

termination is for one of the reasons set forth in Section 8(a)).&#160; The provisions of Section 8(b) shall apply

during the Employment Period, and shall also apply with respect to any

termination of Executive&#146;s employment for any reason during the two year period

following the expiration of the Employment Period (for clarification, this

means that if Executive's employment terminates for any reason on or prior to

the second anniversary of the expiration of the Original Term or any later

Renewal Term, then the non-solicitation requirement of Section 8(b) shall apply

to Executive for one year following termination of employment).</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Board Action</u>.&#160; Where an action called for under this

Agreement is required to be taken by the Board of Directors, such action shall

be taken by the vote of not less than a majority of the members then in office

and authorized to vote on the matter.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Withholding</u>.&#160; All amounts required to be paid by the

Company shall be subject to reduction in order to comply with applicable

federal, state and local tax withholding requirements.</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';layout-grid-mode:line"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Counterparts</u>.&#160; This Agreement may be executed in two or

more counterparts, each of which shall be deemed to be an original but all of

which together shall constitute one and the same instrument.&#160; The execution of this Agreement may be by

actual or facsimile signature.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Governing Law</u>.&#160; This Agreement shall be construed and

regulated in all respects under the laws of the State of Maryland.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; IN WITNESS WHEREOF, this Agreement is entered into as

of the date and year first above written.</font></font></p>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">&nbsp;</font></font></p>



<table width="34%" style="width:34.46%;

 margin-left:1.0in;border-collapse:collapse;">

 <tr>

  <td width="100%" colspan="2" valign="top" style="width:100.0%;padding:.7pt 0in .7pt 0in">

  <p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">AVALONBAY

  COMMUNITIES, INC.<br><br></font></font></p>

  </td>

 </tr>

 <tr>

  <td width="13%" valign="top" style="width:13.1%;padding:.7pt 0in .7pt 0in">

  <p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">By:</font></font></p>

  </td>

  <td width="86%" valign="top" style="width:86.9%;border:none;border-bottom:solid windowtext .5pt;

  padding:.7pt 0in .7pt 0in">

  <p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">/s/

  Bryce Blair</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="13%" valign="top" style="width:13.1%;padding:.7pt 0in .7pt 0in">

  <p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="86%" valign="top" style="width:86.9%;padding:.7pt 0in .7pt 0in">

  <p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">Bryce

  Blair</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="13%" valign="top" style="width:13.1%;padding:.7pt 0in .7pt 0in">

  <p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">Its:</font></font></p>

  </td>

  <td width="86%" valign="top" style="width:86.9%;padding:.7pt 0in .7pt 0in">

  <p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">Chief

  Executive Officer</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="13%" valign="top" style="width:13.1%;padding:.7pt 0in .7pt 0in">

  <p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="86%" valign="top" style="width:86.9%;padding:.7pt 0in .7pt 0in">

  <p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="2" valign="top" style="width:100.0%;border:none;

  border-bottom:solid windowtext .5pt;padding:.7pt 0in .7pt 0in">

  <p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">/s/

  Leo S. Horey</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="2" valign="top" style="width:100.0%;border:none;padding:.7pt 0in .7pt 0in">

  <p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">Leo

  S. Horey</font></font></p>

  </td>

 </tr>

</table>



<p style="font-size:12.0pt;layout-grid-mode:line;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">&nbsp;</font></font></p>



</div>



</body>



</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>4
<FILENAME>j2052_ex12d1.htm
<DESCRIPTION>EX-12.1
<TEXT>
<html>



<head>



<title>Prepared by MERRILL CORPORATION</title>



</head>



<body>



<div class="Section1">



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Exhibit

12.1</font></font></b></p>



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">&nbsp;</font></font></b></p>



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">AVALONBAY COMMUNITIES, INC.</font></font></b></p>



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">RATIOS OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<table width="100%" style="width:100.04%;

 border-collapse:collapse;">

 <tr>

  <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="top" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold">Nine

  Months</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Year</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Year</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Year</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Year</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Year</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="top" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold">Ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="top" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold">September

  30,</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">December 31,</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">December 31,</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">December 31,</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">December 31,</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">December 31,</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="top" style="width:12.64%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold">2001</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">2000</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">1999</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">1998</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">1997</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">1996</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.58%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Net Operating Income</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.92%;border:none;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" bgcolor="#cceeff" style="width:11.72%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">186,785</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">210,604</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">172,276</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">123,535</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">64,916</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">51,651</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.58%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(Less) Nonrecurring item:</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:12.64%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:50.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Gain on sale</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" style="width:11.72%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(43,999</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(40,779</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(47,093</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(25,270</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(677</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(7,850</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.58%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:50.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Non-recurring charges</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:12.64%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">16,782</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.58%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(Plus) Extraordinary item:</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:12.64%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:50.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Unamortized loan fee write-off</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" style="width:11.72%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">245</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1,183</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,356</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.58%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:12.64%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(Plus) Fixed charges:</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.58%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:50.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Portion of rents representative of the interest factor</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.92%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" bgcolor="#cceeff" style="width:11.72%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">109</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">461</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">526</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">293</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">172</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">150</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:50.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Interest expense</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">75,138</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">83,609</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">74,699</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">54,650</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">16,977</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">9,545</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.58%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:50.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Interest capitalized</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:12.64%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">19,340</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">18,328</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">21,888</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">14,724</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">9,024</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">12,883</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:50.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Debt cost amortization</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,729</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,924</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,624</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,068</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">700</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1,842</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.58%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:50.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Preferred dividend</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:12.64%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">26,771</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">39,779</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">39,779</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">28,132</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">19,656</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">10,422</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="width:12.64%;border:none;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.58%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:60.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Total fixed charges (1)</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.92%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" bgcolor="#cceeff" style="width:11.72%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">124,087</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">145,101</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">139,516</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">99,867</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">46,529</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">34,842</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.58%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(Less):</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:12.64%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:50.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Interest capitalized</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" style="width:11.72%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">19,340</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">18,328</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">21,888</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">14,724</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">9,024</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">12,883</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.58%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:50.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Preferred dividend</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:12.64%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">26,771</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">39,779</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">39,779</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">28,132</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">19,656</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">10,422</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.58%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Adjusted earnings (2)</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.92%;border:none;

  border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" bgcolor="#cceeff" style="width:11.72%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">220,762</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;

  border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">256,819</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;

  border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">219,814</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;

  border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">155,521</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;

  border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">83,271</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;

  border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">57,694</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="width:12.64%;border:none;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.58%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Ratio (2 divided by 1)</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:12.64%;

  border:none;border-bottom:double windowtext 1.5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1.78</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;border-bottom:double windowtext 1.5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1.77</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;border-bottom:double windowtext 1.5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1.58</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;border-bottom:double windowtext 1.5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1.56</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;border-bottom:double windowtext 1.5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1.79</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;border-bottom:double windowtext 1.5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1.66</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">&nbsp;</font></font></b></p>



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">&nbsp;</font></font></b></p>



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">AVALONBAY COMMUNITIES, INC.</font></font></b></p>



<h1 style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt">RATIOS OF

EARNINGS TO FIXED CHARGES</font></font></b></h1>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">&nbsp;</font></font></b></p>



<table width="100%" style="width:100.04%;

 border-collapse:collapse;">

 <tr>

  <td width="30%" valign="top" style="width:30.6%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="top" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold">Six Months</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Year</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Year</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Year</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Year</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Year</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.6%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="top" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold">Ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">Ended</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.6%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="top" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold">June 30,</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">December 31,</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">December 31,</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">December 31,</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">December 31,</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">December 31,</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.6%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="top" style="width:12.64%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;font-weight:bold">2001</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">2000</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">1999</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">1998</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">1997</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="1" face="Times New Roman"><font style="font-size:8.0pt;

  font-weight:bold">1996</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.6%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Net Operating Income</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.92%;border:none;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" bgcolor="#cceeff" style="width:11.72%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">186,785</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">210,604</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">172,276</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">123,535</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">64,916</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">51,651</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.6%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.6%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(Less) Nonrecurring item:</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:12.64%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.6%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:50.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Gain on sale</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" style="width:11.72%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(43,999</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(40,779</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(47,093</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(25,270</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(677</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(7,850</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.6%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:50.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Non-recurring charges</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:12.64%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">16,782</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.6%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.6%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(Plus) Extraordinary item:</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:12.64%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.6%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:50.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Unamortized loan fee write-off</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" style="width:11.72%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">245</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1,183</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,356</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.6%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:12.64%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

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  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.6%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(Plus) Fixed charges:</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.6%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:50.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Portion of rents representative of the interest factor</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.92%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" bgcolor="#cceeff" style="width:11.72%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">109</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">461</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">526</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">293</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">172</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">150</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.6%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:50.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Interest expense</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">75,138</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">83,609</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">74,699</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">54,650</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">16,977</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">9,545</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.6%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:50.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Interest capitalized</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:12.64%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">19,340</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">18,328</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">21,888</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">14,724</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">9,024</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">12,883</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.6%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:50.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Debt cost amortization</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="width:12.64%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,729</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,924</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,624</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2,068</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">700</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">1,842</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.6%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:12.64%;

  border:none;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.6%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:60.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Total fixed charges (1)</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" style="width:11.72%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">97,316</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">105,322</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">99,737</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">71,735</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">26,873</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.94%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" style="width:8.44%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">24,420</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.6%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:12.64%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.6%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">(Less):</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.6%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:50.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Interest capitalized</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.92%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" bgcolor="#cceeff" style="width:11.72%;

  background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">19,340</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">18,328</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">21,888</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">14,724</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">9,024</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">12,883</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.6%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="width:12.64%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.6%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Adjusted earnings (2)</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.92%;border:none;

  border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="11%" valign="bottom" bgcolor="#cceeff" style="width:11.72%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">220,762</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;

  border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">256,819</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;

  border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">219,814</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;

  border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">155,521</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;

  border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">83,271</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.94%;border:none;

  border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">$</font></font></p>

  </td>

  <td width="8%" valign="bottom" bgcolor="#cceeff" style="width:8.44%;border:

  none;border-bottom:solid windowtext .5pt;background:#CCEEFF;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">57,694</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.6%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" style="width:12.64%;border:none;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="width:9.38%;border:none;padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.34%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.6%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">Ratio (2 divided by 1)</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.48%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="12%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:12.64%;

  border:none;border-bottom:double windowtext 1.5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2.27</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;border-bottom:double windowtext 1.5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2.44</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;border-bottom:double windowtext 1.5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2.20</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;border-bottom:double windowtext 1.5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2.17</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;border-bottom:double windowtext 1.5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">3.10</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.4%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:9.38%;

  border:none;border-bottom:double windowtext 1.5pt;background:#CCEEFF;

  padding:0in 0in 0in 0in">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">2.36</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.34%;background:

  #CCEEFF;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="1" face="Times New Roman"><font style="font-size:8.0pt;">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



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