<SEC-DOCUMENT>0001144204-16-114274.txt : 20160725
<SEC-HEADER>0001144204-16-114274.hdr.sgml : 20160725
<ACCEPTANCE-DATETIME>20160725161346
ACCESSION NUMBER:		0001144204-16-114274
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160725
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160725
DATE AS OF CHANGE:		20160725

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGREE REALTY CORP
		CENTRAL INDEX KEY:			0000917251
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				383148187
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12928
		FILM NUMBER:		161782261

	BUSINESS ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
		BUSINESS PHONE:		8107374190

	MAIL ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>v444909_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PURSUANT TO SECTION 13 OR 15(d) OF THE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of report (Date of earliest event reported):
July 25, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AGREE REALTY CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maryland</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State of other jurisdiction of incorporation)&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1-12928</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission file number)</P></TD>
    <TD STYLE="width: 50%; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>38-3148187</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">(I.R.S. Employer Identification
        No.)</P></TD></TR>
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    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>70 E. Long Lake Road</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bloomfield Hills, MI</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>48304</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Zip code)</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code) <B>(248) 737-4190</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
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    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
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    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
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    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>


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    <TD STYLE="width: 1in; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Item 2.02.</B></FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Results of Operations and Financial Condition.</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 25, 2016, Agree
Realty Corporation issued a press release describing its results of operations for the second quarter ended June 30, 2016. The
press release is furnished as Exhibit 99.1 to this report and is hereby incorporated by reference.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 1in; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Item 9.01.</B></FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Financial Statements and Exhibits.</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">(d) </FONT></TD>
    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Exhibits</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 0.75in; padding: 0; text-decoration: underline; text-indent: 0"><FONT STYLE="font-size: 10pt"><U>Exhibit</U></FONT></TD>
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-decoration: underline; text-indent: 0"><FONT STYLE="font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">99.1 </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Press release, dated July 25, 2016, reporting the Company's results of operations for the second quarter ended June 30, 2016.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>AGREE REALTY CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 3%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 35%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/ Matthew M. Partridge</FONT></TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Matthew M. Partridge</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Executive Vice President, Chief Financial Officer and Secretary</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: July 25, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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    <TD STYLE="width: 0.75in; padding: 0; text-decoration: underline; text-indent: 0"><FONT STYLE="font-size: 10pt"><U>Exhibit</U></FONT></TD>
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-decoration: underline; text-indent: 0"><FONT STYLE="font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">99.1 </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Press release, dated July 25, 2016, reporting the Company's results of operations for the second quarter ended June 30, 2016.</FONT></TD></TR>
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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="text-align: right"><b>Exhibit 99.1</B></P>

<P STYLE="text-align: center"><B>Agree Realty Corporation Reports Second Quarter 2016 Results</b></p></div><div style="width:100%;margin-left:10pt;"><div style="margin:0;margin-top:16pt;"><p>BLOOMFIELD HILLS, Mich., July 25, 2016 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the &#34;Company&#34;) today announced results for the quarter ended June 30, 2016.  All per share amounts included herein are on a diluted per common share basis unless otherwise stated. </p><p><b>Second Quarter 2016 Financial and Operating Highlights:</b></p><ul type="disc">
<li>Raised approximately $110.1 million in net proceeds from the issuance of 2.9 million common shares </li>
<li>Increased Net Income attributable to the Company 3.9% to $10.7 million </li>
<li>Increased Funds from Operations (&#34;FFO) 23.8% to $13.8 million </li>
<li>Increased Adjusted Funds from Operations (&#34;AFFO&#34;) 24.3% to $13.7 million </li>
<li>Increased rental revenue 23.6% to $19.9 million </li>
<li>Invested $153.5 million in 36 retail net lease properties </li>
<li>Announced three new developments or Partner Capital Solutions (&#34;PCS&#34;) projects </li>
<li>Declared a dividend of $0.48 per share, an increase of 3.2% over the dividend per share declared in the second quarter of 2015 </li></ul><p><b>Financial Results </b></p><p><i><u>Total Rental Revenue</u></i></p><p>Total rental revenue, which includes minimum rents and percentage rents, for the three months ended June 30, 2016 increased 23.6% to $19.9 million, compared to total rental revenue of $16.1 million for the comparable period in 2015.</p><p>Total rental revenue for the six months ended June 30, 2016 increased 25.8% to $38.6 million, compared to total rental revenue of $30.7 million for the comparable period in 2015.</p><p><i><u>Net Income</u></i></p><p>Net income attributable to the Company for the three months ended June 30, 2016 increased 3.9% to $10.7 million, compared to $10.3 million for the comparable period in 2015.  Net income per share attributable to the Company for
the three months ended June 30, 2016 decreased 17.4% to $0.48, compared to $0.58 per share for the comparable period in 2015.</p><p>Net income attributable to the Company for the six months ended June 30, 2016 increased 9.0% to $18.1 million, compared to $16.6 million for the comparable period in 2015.  Net income per share attributable to the Company for the six months ended June 30, 2016 decreased 10.8% to $0.85, compared to $0.95 per share for the comparable period in 2015.</p><p><i><u>Funds from Operations</u></i></p><p>FFO for the three months ended June 30, 2016 increased 23.8% to $13.8 million, compared to FFO of $11.1 million for the comparable period in 2015.  FFO per share for the three months ended June 30, 2016 decreased 1.8% to $0.61, compared to FFO per share of $0.62 for the comparable period in 2015.</p><p>FFO for the six months ended June 30, 2016 increased 25.4% to
$26.4 million, compared to FFO of $21.1 million for the comparable period in 2015.  FFO per share for the six months ended June 30, 2016 increased 3.0% to $1.22, compared to FFO per share of $1.18 for the comparable period in 2015.</p><p><i><u>Adjusted Funds from Operations</u></i></p><p>AFFO for the three months ended June 30, 2016 increased 24.3% to $13.7 million, compared to AFFO of $11.0 million for the comparable period in 2015.  AFFO per share for the three months ended June 30, 2016 decreased 1.4% to $0.61, compared to AFFO per share of $0.62 for the comparable period in 2015.</p><p>AFFO for the six months ended June 30, 2016 increased 25.4% to $26.5 million, compared to AFFO of $21.1 million for the comparable period in 2015.  AFFO per share for the six months ended June 30, 2016 increased 3.0% to $1.22, compared to AFFO per share of $1.18 for the comparable period in
2015.</p><p><i><u>Dividend</u></i></p><p>The Company paid a cash dividend of $0.48 per share on July 15, 2016 to stockholders of record on June 30, 2016, a 3.2% increase over the $0.465 quarterly dividend declared in the second quarter of 2015.  The quarterly dividend represents payout ratios of approximately 78.9% of FFO per share and 79.1% of AFFO per share, respectively.  </p><p><b>CEO Comments</b></p><p>&#34;We&#39;re extremely pleased with our performance during the quarter as we continue to strategically execute all phases of our business,&#34; said Joey Agree, President and Chief Executive Officer of Agree Realty Corporation. &#34;Throughout the quarter we invested in 36 high-quality retail net lease properties across our three external growth platforms.  These investments were concentrated among industry-leaders in e-commerce resistant sectors.  As we shift our focus to the
second half of 2016, both our investment pipeline as well as our balance sheet are well-positioned to continue to execute our operating strategy and create value for our shareholders.&#34;</p><p><b>Portfolio Update</b></p><p>As of June 30, 2016, the Company&#39;s portfolio consisted of 326 properties located in 42 states and totaling 6.3 million square feet of gross leasable space.  Properties ground leased to tenants accounted for 7.8% of annualized base rent.</p><p>The portfolio was approximately 99.6% leased, had a weighted-average remaining lease term of approximately 11.0 years, and generated approximately 46.1% of annualized base rents from investment grade tenants.</p><p>The table below provides a summary of the Company&#39;s portfolio as of June 30, 2016:</p><div>
<div><table style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt" cellspacing="0" cellpadding="0" border="0"><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 5px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Property Type</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font
style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>&#160;Number of
<br />Properties </b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Annualized
<br />Base Rent <sup>(1)</sup></b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>&#160;Percent of
<br />Annualized
<br />Base Rent </b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Percent
<br />Investment
<br />Grade <sup>(2)</sup></b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>&#160;Weighted
<br />Average
<br />Lease Term </b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 5px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Retail Net Lease</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">294</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt;
TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$77,801</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">90.2%</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">42.8%</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">10.9 yrs</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 5px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Retail Net Lease Ground Leases</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt;
BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">29</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">6,691</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">7.8%</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">88.5%</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">13.2 yrs</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 5px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Total Retail Net Lease</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid;
BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>323</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>84,493</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>98.0%</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>46.4%</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>11.1 yrs</b></font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 5px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Total Portfolio</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: black
1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>326</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$86,243</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>100.0%</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>46.1%</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>11.0 yrs</b></font></font></p></td></tr></table></div></div><p><i>Annualized base rent is in thousands; any differences are the result of rounding.
<br /></i><i>(1)  Represents annualized straight-line rent as of June 30, 2016.
<br /></i><i>(2)  Reflects tenants, or parent entities thereof, with investment grade credit ratings from Standard &amp; Poor&#39;s, Moody&#39;s, Fitch and/or NAIC.</i></p><p><i><u>Acquisitions and Dispositions</u></i></p><p>Total acquisition volume for the second quarter of 2016 was approximately $151.5 million and included 34 assets net leased to a number of notable retailers operating in the discount apparel, home improvement, grocery, crafts and novelties, farm and rural supply, specialty retail, quick service restaurant, discount and auto service sectors.  The properties are located in 15 states and leased to 23 distinct tenants operating across 15 retail sectors.  These properties were acquired at a weighted-average cap rate of 7.8% and with a weighted-average remaining lease term of approximately 11.6 years.</p><p>During the quarter, the Company sold its Walgreens in Port St.
John, Florida for approximately $7.3 million, or a 5.5% cap rate on in-place net operating income. </p><p><i><u>Development and Partner Capital Solutions</u></i></p><p>In the second quarter of 2016, the Company, through its PCS program, completed its previously announced Burger King in Farr West Utah.  This project is part of the Company&#39;s previously announced partnership with Meridian Restaurants and has a total project cost of approximately $1.6 million.  </p><p>Also within the quarter, the Company finalized its newly announced Family Fare Quick Stop in Marshall, Michigan.  This project has a total project cost of approximately $0.4 million and is subject to a new 10-year ground lease.  </p><p>The Company continues to execute on a number of active development and Partner Capital Solutions projects on behalf of industry-leading retail tenants, including the following completed or
commenced projects:       </p><div>
<div><table style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt" cellspacing="0" cellpadding="0" border="0"><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 5px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Tenant</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Location</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Lease Structure </b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Lease Term</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Actual or Anticipated Rent Commencement </b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Status </b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 5px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Hobby Lobby</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Springfield, OH</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Build-to-Suit</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">15 Years</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Q1 2016</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Completed</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 5px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Burger King<sup>(1)</sup></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Farr West, UT</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Build-to-Suit</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">20 Years</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Q2 2016</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Completed</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 5px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Family Fare Quick Stop</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt;
TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Marshall, MI</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Ground Lease</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">10 Years</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Q2 2016</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Completed</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 5px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Burger King<sup>(1)</sup></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Devils Lake, ND</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Build-to-Suit</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">20 Years</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Q3 2016</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Under Construction</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 5px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Wawa</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right;
PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Orlando, FL</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Ground Lease</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">20 Years</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Q3 2016</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Under Construction</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 5px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Chick-fil-A</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Frankfort, KY</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Ground Lease</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">20 Years</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Q3 2016</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Under Construction</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 5px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Starbucks</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN:
right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">North Lakeland, FL</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Build-to-Suit</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">10 Years</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Q1 2017</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Under Construction</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 5px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Texas Roadhouse</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Mount Pleasant, MI</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Ground Lease</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">15 Years</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Q2 2017</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Under Construction</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 5px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Camping World</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt;
TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Tyler, TX</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Build-to-Suit</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">20 Years</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: top; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Q2 2017</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Under Construction</font></font></p></td></tr></table></div></div><p><i>(1) Franchise restaurants operated by Meridian Restaurants Unlimited, LC.</i></p><p><i><u>Leasing</u></i></p><p>During the second quarter of 2016 the Company executed new leases, extensions or options on over 20,000 square feet of gross leasable area throughout the existing portfolio. The Company has no remaining lease maturities in 2016.<i> </i></p><p><i><u>Top Tenants</u></i></p><p>The following table presents annualized base rents for all tenants that
represent 1.5% or greater of the Company&#39;s total annualized base rent as of June 30, 2016: </p><div>
<div><table style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt" cellspacing="0" cellpadding="0" border="0"><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Tenant</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Annualized
<br />Base Rent <sup>(1)</sup></b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Percent of Annualized
<br />Base Rent </b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Walgreens</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$12,161</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">14.1%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Wal-Mart</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">4,224</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">4.9%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Lowe&#39;s</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3,099</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3.6%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Mister Car Wash</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,580</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3.0%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Smart &amp; Final</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,518</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2.9%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Wawa</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,465</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2.9%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">CVS</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,463</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2.9%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Academy Sports</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,982</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2.3%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Rite Aid</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,886</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2.2%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Dollar General</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,795</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2.1%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Tractor Supply</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,791</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2.1%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Hobby Lobby</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,786</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2.1%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">24 Hour Fitness</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,759</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2.0%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">BJ&#39;s Wholesale</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,709</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2.0%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">LA Fitness</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,694</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2.0%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Taco Bell<sup>(2)</sup></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,537</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1.8%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Dollar Tree</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,427</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1.7%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Burger King<sup>(3)</sup></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,376</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1.6%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Other<sup>(4)</sup></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">37,991</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">43.8%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 26px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Total Top Tenants</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$86,243</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>100.0%</b></font></font></p></td></tr></table></div></div><p><i>Annualized base rent is in thousands; any differences are the result of rounding.
<br /></i><i>(1)  Represents annualized straight-line rent as of June 30, 2016.
<br /></i><i>(2)  Franchise restaurants operated by Charter Foods North, LLC.
<br /></i><i>(3)  Franchise restaurants operated by Meridian Restaurants Unlimited, LC.
<br /></i><i>(4)  Includes tenants generating less than 1.5% of annualized base rent.</i></p><p><i><u>Retail Sectors</u></i></p><p>The following table presents annualized base rents for the Company&#39;s top retail sectors that represent 2.5% or greater of the Company&#39;s total annualized base rent as of June 30, 2016: </p><div>
<div><table style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt" cellspacing="0" cellpadding="0" border="0"><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Sector</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Annualized
<br />Base Rent <sup>(1)</sup></b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Percent of Annualized
<br />Base Rent </b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Pharmacy</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$16,510</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">19.1%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Restaurants - Quick Service</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT:
1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">5,887</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">6.8%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Grocery Stores</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">5,851</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">6.8%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Auto Service</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">4,711</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">5.5%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Discount Apparel</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">4,706</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">5.5%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Specialty Retail</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">4,000</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">4.6%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">General Merchandise</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3,956</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">4.6%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Warehouse Clubs</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3,749</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">4.3%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Home Improvement</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3,720</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">4.3%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Health &amp; Fitness</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3,562</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">4.1%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Sporting Goods</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3,149</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3.7%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Crafts and Novelties</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,865</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3.3%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Convenience Stores</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,630</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3.0%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Restaurants - Casual Dining</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,388</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2.8%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Farm and Rural Supply</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,324</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2.7%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Dollar Stores</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,280</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2.6%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Auto Parts</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,257</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2.6%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Other<sup>(2)</sup></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">11,698</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">13.7%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 26px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Total Portfolio</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$86,243</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>100.0%</b></font></font></p></td></tr></table></div></div><p><i>Annualized base rent is in thousands; any differences are the result of rounding.
<br /></i><i>(1) Represents annualized straight-line rent as of June 30, 2016.
<br /></i><i>(2) Includes sectors generating less than 2.5% of annualized base rent.</i></p><p><i><u>Lease Expiration</u></i></p><p>The following table presents contractual lease expirations within the Company&#39;s portfolio as of June 30, 2016, assuming that no tenants exercise renewal options:</p><div>
<div><table style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt" cellspacing="0" cellpadding="0" border="0"><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Year</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt;
FONT-FAMILY: Arial; COLOR: black"><b>&#160;Leases </b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Annualized
<br />Base Rent <sup>(1)</sup></b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>&#160;Percent of
<br />Annualized
<br />Base Rent </b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Gross
<br />Leasable Area</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>&#160;Percent of Gross
<br />Leasable Area </b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2016</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">0</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$0</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">0.0%</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">0</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">0.0%</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2017</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">10</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,617</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1.9%</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">114</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1.8%</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2018</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">15</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,257</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2.6%</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">356</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">5.6%</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2019</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">12</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">4,326</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">5.0%</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">372</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">5.9%</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2020</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">17</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,521</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2.9%</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">237</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3.8%</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2021</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">28</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">5,674</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">6.6%</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">354</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">5.6%</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2022</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">19</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">4,077</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">4.7%</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">370</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">5.9%</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2023</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">26</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">4,696</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">5.4%</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">437</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">6.9%</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2024</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">33</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">8,151</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">9.5%</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">779</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">12.3%</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2025</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">32</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">6,118</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">7.1%</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">436</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">6.9%</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 13px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Thereafter</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">178</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">46,806</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">54.3%</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,864</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">45.3%</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN-LEFT: 26px"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Total Portfolio</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid;
BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>370</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$86,243</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>100.0%</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>6,319</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 12pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>100.0%</b></font></font></p></td></tr></table></div></div><p><i>Annualized base rent and gross leasable area are in thousands; any differences are the result of rounding.
<br /></i><i>(1)  Represents annualized straight-line rent as of June 30, 2016.</i></p><p><b>Capital Markets and Balance Sheet</b></p><p><i><u>Capital Markets</u></i></p><p>On May 10, 2016, the Company announced it completed a follow-on public offering of 2,875,000 shares of common stock, which included the underwriters&#39; full exercise of their option to purchase additional shares. Total net proceeds were approximately $109.7 million after deducting the underwriting discount and offering expenses. </p><p>During the three months ended June 30, 2016, the Company issued 15,156 shares of common stock under its at-the-market equity program (&#34;ATM program&#34;), realizing gross proceeds of approximately $0.6 million.  </p><p>Subsequent to the end of the second quarter, on July 6, 2016 the Company announced it has entered into agreements for the issuance of $100 million of long-term,
unsecured, fixed rate debt.  The combined $100 million of unsecured financings will have a weighted average term of 10 years and a blended interest rate of 3.87%.</p><p><i><u>Balance Sheet</u></i></p><p>As of June 30, 2016, the Company&#39;s total debt to total enterprise value was approximately 25.2%.  Total enterprise value is calculated as the sum of total debt and the market value of the Company&#39;s outstanding shares of common stock, assuming conversion of operating partnership units into common stock.</p><p>For the three and six months ended June 30, 2016, the Company&#39;s fully diluted weighted-average shares outstanding were 22.3 million and 21.4 million, respectively.  The basic weighted-average shares outstanding for the three and six months ended June 30, 2016 were 22.2 million and 21.3 million, respectively. </p><p>The Company&#39;s assets are held by, and its operations
are conducted through, Agree Limited Partnership, of which the Company is the sole general partner.  As of June 30, 2016, there were 347,619 operating partnership units outstanding and the Company held a 98.6% interest in the operating partnership.</p><p><b>2016 Outlook</b></p><p>The Company&#39;s outlook for acquisition volume in 2016, which assumes continued growth in economic activity, positive business trends and other significant assumptions, remains between $250 and $275 million of high-quality retail net lease properties. </p><p><b>Conference Call/Webcast</b></p><p>The Company will host its quarterly analyst and investor conference call on Tuesday, July 26, 2016 at 11:00 AM ET.  To participate in the conference call, please dial (866) 363-3979 approximately ten minutes before the call begins.  </p><p>Additionally, a webcast of the conference call will be available through the
Company&#39;s website.  To access the webcast, visit www.agreerealty.com ten minutes prior to the start time of the conference call and go to the Invest section of the website.  A replay of the conference call webcast will be archived and available online through the Invest section of www.agreerealty.com. </p><p><b>About Agree Realty Corporation</b></p><p>Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants.  The Company currently owns and operates a portfolio of 330 properties, located in 42 states and containing approximately 6.4 million square feet of gross leasable space.  The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol &#34;ADC&#34;.  For additional information, please visit www.agreerealty.com.
   </p><p><b>Forward-Looking Statements</b></p><p><i>This press release may contain certain &#34;forward-looking statements&#34; made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as &#34;may,&#34; &#34;will,&#34; &#34;should,&#34; &#34;potential,&#34; &#34;intend,&#34; &#34;expect,&#34; &#34;seek,&#34; &#34;anticipate,&#34; &#34;estimate,&#34; &#34;approximately,&#34; &#34;believe,&#34; &#34;could,&#34; &#34;project,&#34; &#34;predict,&#34; &#34;forecast,&#34; &#34;continue,&#34; &#34;assume,&#34; &#34;plan,&#34; references to &#34;outlook&#34; or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections and
forecasts and other forward-looking information and estimates. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company&#39;s control, which could cause actual results to differ materially from such statements. These risks and uncertainties are described in greater detail in the Company&#39;s filings with the Securities and Exchange Commission, including, without limitation, the Company&#39;s Annual Report on Form 10-K for the year ended December 31, 2015 and in subsequent quarterly reports. Except as required by law, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.</i></p><p><i>For further information about the Company&#39;s business and financial results, please refer to the &#34;Management&#39;s Discussion and Analysis of
Financial Condition and Results of Operations&#34; and &#34;Risk Factors&#34; sections of the Company&#39;s SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Invest section of the Company&#39;s website at </i>www.agreerealty.com<i>. </i></p><p><i>All information in this press release is as of July 25, 2016. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company&#39;s expectations.</i></p><p> </p><div>
<div><table style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt" cellspacing="0" cellpadding="0" border="0"><tr><td colspan="4" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: center; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Agree Realty Corporation</b></font></font></p></td></tr><tr><td colspan="4" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: center; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font
style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Consolidated Balance Sheet</b></font></font></p></td></tr><tr><td colspan="4" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: center; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><i>($ in thousands, except per share data)</i></font></font></p></td></tr><tr><td colspan="4" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>June 30, 2016</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>December 31, 2015</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Assets:</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: center; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><i>(Unaudited)</i></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Real Estate Investments:</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Land&#160;&#160;</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;284,938</font></font></p></td><td
style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;225,274</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Buildings</font></font></p></td><td style="BORDER-TOP:
1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">628,219</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">526,912</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Accumulated depreciation</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(62,944)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(56,401)</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Property under development&#160;</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">4,091</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3,663</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Net real estate investments</font></font></p></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">854,304</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">699,448</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Cash and cash equivalents</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">4,035</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,712</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Accounts receivable - Tenants, net of allowance of $35 for possible losses at June 30, 2016 and December 31, 2015,
respectively</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">9,974</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">7,418</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Unamortized Deferred Expenses:</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Credit facility financing Costs, net of accumulated amortization of $1,637 and
<br />$1,532 at June 30, 2016 and December 31, 2015, respectively</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">438</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">506</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Leasing costs, net of accumulated amortization of $599 and $554 at June 30,
<br />2016 and December 31, 2015, respectively</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,140</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">664</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Lease intangibles, net of accumulated amortization of $14,290 and $10,578
<br />at June 30, 2016 and December 31, 2015, respectively</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">100,511</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">76,552</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Other assets</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt;
TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,702</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,570</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 36px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Total Assets</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;973,104</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;789,870</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Liabilities:</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Mortgage notes payable, net</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
&#160;90,464</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;100,359</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Unsecured Term Loans, net</font></font></p></td><td
style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">99,418</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">99,156</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Senior Unsecured Notes, net</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">99,197</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">99,390</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Unsecured Revolving Credit Facility</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">98,000</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">18,000</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Dividends and Distributions Payable</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">11,513</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">9,758</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Deferred Revenue</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt;
TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">309</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">540</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Accrued Interest Payable</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM:
1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">878</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">963</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Accounts Payable and Accrued Expense:</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Capital Expenditures</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">289</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM:
1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">122</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Operating</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt;
TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">5,734</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3,927</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Interest Rate Swaps</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM:
1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">7,815</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3,301</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Deferred Income Taxes</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM:
1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">705</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">705</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Tenant Deposits</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt;
TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">94</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">29</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Total Liabilities</b></font></font></p></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>414,416</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>336,250</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Stockholders&#39; Equity:</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Common stock, $.0001 par value, 45,000,000 shares authorized, 23,637,843 and 20,637,301 shares issued and outstanding, respectively</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR:
black">2</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Preferred stock, $.0001 par value per share, 4,000,000 shares authorized</font></font></p></td><td style="BORDER-TOP: 1pt;
BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Series A junior participating preferred stock, $.0001 par value, 200,000 authorized, no shares issued and outstanding</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR:
black">-</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">-</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Additional paid-in capital</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM:
1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">595,106</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">482,514</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Dividends in excess of net income</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(31,137)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(28,262)</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Accumulated other comprehensive loss</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(7,669)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(3,130)</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Total Stockholders&#39; Equity - Agree Realty Corporation</font></font></p></td><td style="BORDER-TOP: black 1pt solid;
BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">556,302</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">451,124</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Non-controlling interest</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,386</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,496</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Total Stockholders&#39; Equity</b></font></font></p></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>558,688</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>453,620</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 36px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Total Liabilities and Stockholders&#39; Equity</b></font></font></p></td><td nowrap="nowrap"
style="BORDER-TOP: black 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;973,104</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;789,870</b></font></font></p></td></tr></table></div></div><p> </p><div>
<div><table style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt" cellspacing="0" cellpadding="0" border="0"><tr><td colspan="8" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: center; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Agree Realty Corporation</b></font></font></p></td></tr><tr><td colspan="8" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: center; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font
style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Consolidated Statements of Operations and Comprehensive Income</b></font></font></p></td></tr><tr><td colspan="8" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: center; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><i>($ in thousands, except per share data)</i></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td colspan="3" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Three months ended
<br />June 30,</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td colspan="3" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Six months ended
<br />June 30,</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>2016</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>2015</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>2016</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>2015</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td colspan="3" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: center; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><i>(Unaudited)</i></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td colspan="3" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: center; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><i>(Unaudited)</i></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Revenues</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM:
1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Minimum rents</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$ &#160; &#160; &#160; 19,912</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$ &#160; &#160; &#160; 15,972</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$ &#160; &#160; &#160; 38,403</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$ &#160; &#160; &#160; 30,526</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Percentage rents</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">7</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">141</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">190</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">151</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Operating cost reimbursement</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,934</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,098</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3,523</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,276</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Other income</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt;
TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(9)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">8</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(48)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">10</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Total Revenues</b></font></font></p></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>21,844</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>17,219</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>42,068</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>32,963</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Operating Expenses</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Real estate taxes</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,438</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt;
TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">863</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,561</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,626</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Property operating expenses</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">929</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">416</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,501</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">987</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Land lease payments</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt;
TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">163</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">137</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">327</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">269</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">General and administrative</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,042</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,744</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">4,087</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3,412</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Depreciation and amortization</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">5,665</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">4,117</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">10,750</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">7,671</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Total Operating Expenses</b></font></font></p></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>10,237</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>7,277</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>19,226</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>13,965</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Income from Operations</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>11,607</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>9,942</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>22,842</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>18,998</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Other (Expense) Income</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Interest expense, net</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(3,497)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(2,933)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(7,146)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(5,394)</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Gain on sale of assets</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,718</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3,456</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,718</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3,535</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Loss on debt extinguishment</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">-</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">-</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">-</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(180)</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Net Income</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>10,828</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>10,465</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>18,414</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>16,959</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Less Net Income Attributable to Non-Controlling Interest</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">167</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT:
1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">201</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">292</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">327</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Net Income Attributable to Agree Realty Corporation</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160;
10,661</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 10,264</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 18,122</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 16,632</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Net Income Per Share Attributable to Agree Realty Corporation</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Basic</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; &#160; &#160; 0.48</b></font></font></p></td><td style="BORDER-TOP: 1pt;
BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; &#160; &#160; 0.59</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; &#160; &#160; 0.85</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; &#160; &#160; 0.95</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Diluted</b></font></font></p></td><td nowrap="nowrap"
style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; &#160; &#160; 0.48</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; &#160; &#160; 0.58</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; &#160; &#160; 0.85</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; &#160; &#160; 0.95</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Other Comprehensive Income</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Net income</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$ &#160; &#160; &#160; 10,828</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$ &#160; &#160; &#160; 10,465</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$ &#160; &#160; &#160; 18,415</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$ &#160; &#160; &#160; 16,959</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Other Comprehensive Income (Loss)</font></font></p></td><td style="BORDER-TOP: 1pt;
BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(1,677)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,621</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(4,613)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(391)</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Total Comprehensive Income</font></font></p></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN:
bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">9,151</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">12,086</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">13,802</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">16,568</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Comprehensive Income Attributable to Non-Controlling Interest</font></font></p></td><td
style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(140)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(232)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(219)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(319)</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Comprehensive Income Attributable to Agree Realty Corporation</b></font></font></p></td><td
nowrap="nowrap" style="BORDER-TOP: black 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; &#160; 9,011</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 11,854</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 13,583</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 16,249</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Weighted Average Number of Common Shares Outstanding - Basic</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">22,186</font></font></p></td><td style="BORDER-TOP:
1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">17,539</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">21,316</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">17,458</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Weighted Average Number of Common Shares Outstanding - Diluted</b></font></font></p></td><td style="BORDER-TOP:
1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">22,265</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">17,587</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">21,385</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">17,511</font></font></p></td></tr></table></div></div><p> </p><div>
<div><table style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt" cellspacing="0" cellpadding="0" border="0"><tr><td colspan="8" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: center; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Agree Realty Corporation</b></font></font></p></td></tr><tr><td colspan="8" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: center; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font
style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Reconciliation of Net Income to FFO and Adjusted FFO</b></font></font></p></td></tr><tr><td colspan="8" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: center; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><i>($ in thousands, except per share data)</i></font></font></p></td></tr><tr><td colspan="8" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: center; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black;
MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><i>(Unaudited)</i></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td colspan="3" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Three months ended
<br />June 30,</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td colspan="3" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Six months ended
<br />June 30,</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>2016</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>2015</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>2016</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>2015</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Net income</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160;10,828</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160;10,465</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160;18,414</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160;16,959</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Depreciation of real estate assets</font></font></p></td><td style="BORDER-TOP: 1pt;
BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3,595</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,922</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">6,957</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">5,478</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Amortization of leasing costs</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">24</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">29</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">47</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">58</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Amortization of lease intangibles</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,027</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,150</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3,712</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2,103</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(Gain) loss on sale of assets</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(2,718)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(3,456)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(2,718)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(3,535)</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Funds from Operations</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160;13,756</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160;11,110</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160;26,412</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160;21,063</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Straight-line accrued rent</font></font></p></td><td
style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(656)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(608)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(1,305)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(1,206)</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Deferred revenue recognition</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(116)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(116)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(232)</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">(232)</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Stock based compensation expense</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">601</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">521</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,309</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">1,045</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Amortization of financing costs</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">122</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">117</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">239</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">225</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Non-real estate depreciation</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">19</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">15</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">34</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">31</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Debt extinguishment costs</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM:
1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">-</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">-</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">-</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">180</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Adjusted Funds from Operations</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT:
1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160;13,726</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160;11,039</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160;26,457</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160;21,106</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>FFO per common share - Basic</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 0.61</b></font></font></p></td><td style="BORDER-TOP: 1pt;
BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 0.62</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 1.22</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 1.18</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>FFO per common share - Diluted</b></font></font></p></td><td nowrap="nowrap"
style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 0.61</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 0.62</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 1.22</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 1.18</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Adjusted FFO per common share - Basic</b></font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160;
0.61</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 0.62</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 1.22</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 1.19</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 12px; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Adjusted FFO per common share - Diluted</b></font></font></p></td><td
nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 0.61</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 0.62</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 1.22</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>$ &#160; &#160; &#160; 1.18</b></font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 24px; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Weighted Average Number of Common Shares and Units Outstanding - Basic</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">22,533</font></font></p></td><td
style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">17,887</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">21,663</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">17,805</font></font></p></td></tr><tr><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Weighted Average Number of Common Shares and Units Outstanding - Diluted</font></font></p></td><td
style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">22,613</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">17,935</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">21,733</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">17,859</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black"><b>Supplemental Information:</b></font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Scheduled principal repayments</font></font></p></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$ &#160; &#160; &#160; &#160;728</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt;
VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$ &#160; &#160; &#160; &#160;683</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$ &#160; &#160; 1,448</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td nowrap="nowrap" style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">$ &#160; &#160; 1,360</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Capitalized interest</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom;
BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">6</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">2</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">13</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">3</font></font></p></td></tr><tr><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 6pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">Capitalized building improvements</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt;
TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">29</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">-</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
<br /></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt"><p style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black; MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; COLOR: black">29</font></font></p></td><td style="BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-LEFT: 6pt; BORDER-LEFT: 1pt; PADDING-RIGHT: 8pt">
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<br /><b>FFO</b>
<br />The Company considers the non-GAAP measures of FFO and FFO per share/unit)to be key supplemental measures of the Company&#39;s performance and should be considered along with, but not as alternatives to, net income or loss as a measure of the Company&#39;s operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company&#39;s operations.
<br />
<br />The White Paper on FFO approved by NAREIT in April 2002, as revised in 2011, defines FFO as net income or loss (computed in accordance with GAAP), excluding gains or losses from sales of properties and items classified by GAAP as extraordinary, plus real estate-related depreciation and amortization and impairment writedowns, and after comparable adjustments for the Company&#39;s portion of these items related to unconsolidated entities and joint ventures. The Company computes FFO consistent with standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than the Company.
<br />
<br />The Company believes that excluding the effect of extraordinary items, real estate-related depreciation and amortization and impairments, which are based on historical cost accounting and which may be of limited significance in evaluating current performance, can facilitate comparisons of operating performance between periods and between REITs, even though FFO does not represent an amount that accrues directly to common shareholders. However, FFO may not be helpful when comparing the Company to non-REITs.
<br />
<br />FFO does not represent cash generated from operating activities as determined by GAAP and should not be considered as alternatives to net income or loss, cash flows from operations or any other operating performance measure prescribed by GAAP. FFO is not a measurement of the Company&#39;s liquidity, nor is FFO indicative of funds available to fund the Company&#39;s cash needs, including its ability to make cash distributions. These measurement does not reflect cash expenditures for long-term assets and other items that have been and will be incurred. FFO may include funds that may not be available for management&#39;s discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions, and other commitments and uncertainties. To compensate for this, management considers the impact of these excluded items to the extent they are material
to operating decisions or the evaluation of the Company&#39;s operating performance.
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<br /><b>Adjusted FFO</b>
<br />The Company presents adjusted FFO (including adjusted FFO per share/unit), which adjusts for certain additional items including straight-line accrued rent, deferred revenue recognition, stock based compensation expense, non-real estate depreciation and debt extinguishment costs and certain other items. The Company excludes these items as it believes it allows for meaningful comparisons with other REITs and between periods and is more indicative of the ongoing performance of its assets. As with FFO, the Company&#39;s calculation of adjusted FFO may be different from similar adjusted measures calculated by other REITs.
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<br />Any differences a result of rounding.</font></font></p></td></tr></table></div></div><p></p><p> </p>
<br /><br /><p>CONTACT: Matthew M. Partridge, Chief Financial Officer, Agree Realty Corporation, (248) 737-4190</p></div></div></body></html>
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