<SUBMISSION>
<ACCESSION-NUMBER>0000898430-02-000327
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20020130
<ITEMS>9
<FILING-DATE>20020131
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>KILROY REALTY CORP
<CIK>0001025996
<ASSIGNED-SIC>6798
<IRS-NUMBER>954598246
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-12675
<FILM-NUMBER>02522785
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2250 E IMPERIAL HWY
<STREET2>C/O KILROY INDUSTRIES
<CITY>EL SEGUNDO
<STATE>CA
<ZIP>90245
<PHONE>3105635500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>C/O KILROY INDUSTRIES
<STREET2>2250 E IMPERIAL HIGHWAY #1200
<CITY>EL SEGUNDO
<STATE>CA
<ZIP>90245
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
  <BODY BGCOLOR="WHITE"><HR>
 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <HR SIZE="2" NOSHADE ALIGN="left"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>UNITED STATES
</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>FORM 8-K </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>CURRENT REPORT
</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>Pursuant to Section 13 or 15 (d) of </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>The Securities Exchange Act of 1934 </B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Date of report (date of earliest event reported): January 30, 2002 </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
ALIGN="center"><FONT FACE="Times New Roman" SIZE="6"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Exact name of registrant as specified in its charter) </B></FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

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<TD VALIGN="bottom" ALIGN="center" WIDTH="31%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Maryland</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="31%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Commission File Number:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="31%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>95-4598246</B></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="bottom" ALIGN="center" WIDTH="33%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(State of other jurisdiction</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="33%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>1-12675</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="33%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(I.R.S. Employer</B></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="bottom" ALIGN="center" WIDTH="33%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>of incorporation or organization)</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="33%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>2250 East Imperial Highway, Suite 1200, El Segundo, California 90245 </B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Address of principal executive offices) </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(310) 563-5500
</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Registrant&#146;s telephone number, including area code) </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <HR SIZE="2" NOSHADE ALIGN="left">
   <HR>
 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><B>ITEM 9. &nbsp;&nbsp;&nbsp;&nbsp;REGULATION FD DISCLOSURE </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV><FONT FACE="Times New Roman" SIZE="2">On January 30, 2002 the Company issued a press release announcing its earnings for the quarter ended December 31, 2001 and made publicly available certain supplemental information. The supplemental
information is attached to this current report as Exhibit 99.1, and the press release is attached to this current report as Exhibit 99.2, and each are incorporated by reference to this report. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV><FONT FACE="Times New Roman" SIZE="2">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. </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="right">
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<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3" WIDTH="50%"> <DIV><FONT FACE="Times New Roman" SIZE="2">K<SMALL>ILROY</SMALL> R<SMALL>EALTY</SMALL> C<SMALL>ORPORATION</SMALL></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="46%"> <DIV><FONT FACE="Times New Roman" SIZE="2">Date: January 30, 2002</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="46"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="50%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;Ann Marie Whitney</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="4"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right" WIDTH="3%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="50%"> <HR NOSHADE ALIGN="left"></TD> </TR>
<TR>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="50%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Ann Marie Whitney</B></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="50%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B><I>Senior Vice-President and Controller</I></B></FONT></DIV> </TD> </TR>
 </TABLE> </DIV>
   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT INDEX </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
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<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Exhibit Number</B></FONT></DIV> <HR NOSHADE WIDTH="43" COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="91%"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Description</B></FONT></DIV> <HR NOSHADE WIDTH="61" ALIGN="left" COLOR="#000000"></TD> </TR>
<TR>
<TD HEIGHT="5"> </TD> </TR>
<TR>
<TD ALIGN="right" COLSPAN="1" VALIGN="top"> <DIV><FONT FACE="Times New Roman" SIZE="2">99.1</FONT></DIV></TD>
<TD NOWRAP VALIGN="Top"><DIV><FONT FACE="Times New Roman" SIZE="2">*</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="91%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Fourth Quarter 2001 Supplemental Financial Report for the Quarter Ended December 31, 2001.</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> </TD> </TR>
<TR>
<TD ALIGN="right" COLSPAN="1" VALIGN="top"> <DIV><FONT FACE="Times New Roman" SIZE="2">99.2</FONT></DIV></TD>
<TD NOWRAP VALIGN="Top"><DIV><FONT FACE="Times New Roman" SIZE="2">*</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="91%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Press Release dated January 30, 2002.</FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <HR NOSHADE WIDTH="10%" ALIGN="left">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="006" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">*</FONT></DIV></TD>
<TD WIDTH="006" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2">Filed herewith. </FONT></DIV> </TD></TR></TABLE>
 </BODY></HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>dex991.htm
<DESCRIPTION>4TH QUARTER 2001 SUPPLEMENTAL FINANCIAL REPORT
<TEXT>
<HTML><HEAD>
<TITLE>4th Quarter 2001 Supplemental Financial Report</TITLE>
</HEAD>
  <BODY BGCOLOR="WHITE"><HR>
 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 99.1 </B></FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>REALTY </B></FONT></DIV> <HR SIZE="2" NOSHADE WIDTH="21%"><DIV
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">CORPORATION </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="TOC"></A>Fourth Quarter 2001 Supplemental Financial Report </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
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<TR>
<TD HEIGHT="10"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Page</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="94%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#X99521_1">Financial Highlights</A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="94%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#X99521_2">Consolidated Balance Sheets</A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="94%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#X99521_3">Consolidated Statements of Operations</A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="94%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#X99521_4">Funds From Operations and Funds Available for Distribution</A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="94%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#X99521_5">Net Operating Income Breakdown</A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="94%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#X99521_6">Same Store Analysis </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="94%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#X99521_7">Stabilized and Renovation Portfolio and Occupancy Overview </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="94%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#X99521_8">Leasing Activity</A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="94%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#X99521_9">Lease Expiration Schedule</A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="94%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#X99521_10">Dispositions</A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="94%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#X99521_11">Stabilized Development</A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="94%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#X99521_12">In-Process and Committed Development Projects</A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="94%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#X99521_13">Future Development Pipeline</A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="94%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#X99521_14">Capital Structure </A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="94%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#X99521_15">Debt Analysis</A></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15</FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><I>Some of the enclosed information presented is forward-looking in nature, including information
concerning development timing and investment amounts. Although the information is based on Kilroy Realty Corporation&#146;s current expectations, actual results could vary from expectations stated here. Numerous factors will affect Kilroy Realty
Corporation&#146;s actual results, some of which are beyond its control. These include the timing and strength of regional economic growth, the strength of commercial and industrial real estate markets, competitive market conditions, future interest
rate levels and capital market conditions. You are cautioned not to place undue reliance on this information, which speaks only as of the date of this report. Kilroy Realty Corporation assumes no obligation to update publicly any forward-looking
information, whether as a result of new information, future events or otherwise. For a discussion of important risks related to Kilroy Realty Corporation&#146;s business, and an investment in its securities, including risks that could cause actual
results and events to differ materially from results and events referred to in the forward-looking information, see the discussion under the caption &#147;Business Risks&#148; in Kilroy Realty Corporation&#146;s annual report on Form 10-K for the
year ended December 31, 2000. In light of these risks, uncertainties and assumptions, the forward-looking events contained in this supplement information might not occur. </I></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Fourth Quarter 2001 Supplemental
Financial Report </B></FONT></DIV> <HR NOSHADE ALIGN="left"><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="X99521_1"></A>FINANCIAL HIGHLIGHTS </B></FONT></DIV> <DIV STYLE="margin-left:13px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(unaudited, $ in thousands, except per share amounts) </B></FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
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<TD HEIGHT="21"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Three Months Ended December 31,</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Year Ended December 31,</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD HEIGHT="21"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2000</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>% Change</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2000</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>% Change</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="50%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>INCOME ITEMS:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD HEIGHT="5"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="50%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Revenues</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">49,598</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">50,768</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">(2.3</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">209,645</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">187,123</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">12.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="50%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Net Operating Income</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">38,525</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">38,512</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">0.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">161,809</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">142,940</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">13.2</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="50%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Net Income</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">7,625</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">8,786</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">(13.2</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">38,431</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">46,846</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">(18.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%)</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="50%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Funds From Operations</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">20,933</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">21,572</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">(3.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">91,558</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">83,471</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">9.7</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="50%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Funds Available for Distribution</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">14,944</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">16,704</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">(10.5</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">75,324</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">68,861</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">9.4</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="50%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Funds From Operations per share&#151;diluted</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">0.68</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">0.71</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">(4.2</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">3.00</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">2.73</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">9.9</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="50%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Funds Available for Distribution per share&#151;diluted</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">0.49</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">0.55</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">(10.9</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">2.47</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">2.25</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">9.8</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="50%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Dividend per share</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">0.48</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">0.45</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">6.7</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1.92</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1.80</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">6.7</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="50%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>RATIOS:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="19" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="19" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="19"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="19" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="19" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="19"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="50%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Interest Coverage Ratio (1)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">3.5x</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">3.3x</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">3.5x</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">3.5x</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="50%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Fixed Charge Coverage Ratio (2)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">2.6x</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">2.5x</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">2.7x</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">2.6x</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="50%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">FFO Payout Ratio (3)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">69.9</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">63.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">6.9</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">63.7</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">65.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">(1.3</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%)</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="50%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">FAD Payout Ratio (4)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">97.9</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">81.4</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">16.5</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">77.5</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">78.8</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">(1.3</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%)</FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD HEIGHT="21"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Dec. 31, 2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Dec. 31, 2000</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>% Change</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="71%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>ASSETS:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="71%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Investments in Real Estate before Depreciation</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">$1,600,994</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">$1,496,477</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">7.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="71%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Total Assets</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,457,229</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,455,368</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">0.1</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="71%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>CAPITALIZATION:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="19"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="19"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="19"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="71%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Total Debt</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">$&nbsp;&nbsp;&nbsp;714,587</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">$&nbsp;&nbsp;&nbsp;723,688</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">(1.3</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%)</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="71%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Total Preferred Stock (5)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">155,000</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">155,000</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">(1.3</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%)</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="71%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Total Market Equity Value (5)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">800,894</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">848,162</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">(5.6</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%)</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="71%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Total Market Capitalization (5)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,670,481</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,726,850</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">(3.3</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%)</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="71%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Total Debt/Total Market Capitalization</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">42.8</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">41.9</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">0.9</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <HR NOSHADE WIDTH="10%" ALIGN="left">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1">(1)</FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1">Calculated as income from operations before interest expense and depreciation and amortization divided by interest expense plus loan cost amortization. </FONT></DIV>
</TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1">(2)</FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1">Calculated as income from operations before interest expense and depreciation and amortization divided by interest expense plus loan </FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="021"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="017" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1">cost</FONT></DIV></TD>
<TD WIDTH="004" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1">amortization and current year paid and accrued preferred dividends. </FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1">(3)</FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1">Calculated as current year dividends paid and accrued to common shareholders divided by Funds From Operations. </FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1">(4)</FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1">Calculated as current year dividends paid and accrued to common shareholders divided by Funds Available for Distribution. </FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1">(5)</FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1">See &#147;Capital Structure&#148; on page 14. </FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1 </FONT></DIV>

   <HR>
 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Fourth Quarter 2001 Supplemental Financial Report </B></FONT></DIV> <HR NOSHADE ALIGN="left"><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="X99521_2"></A>CONSOLIDATED BALANCE SHEETS </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(unaudited, $ in thousands) </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD HEIGHT="10"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31,</B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31,</B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD HEIGHT="10"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2000</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>ASSETS:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Land and improvements</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">269,366</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">266,444</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Buildings and improvements</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,140,499</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,054,995</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Undeveloped land and construction in progress, net</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">191,129</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">162,633</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Investment in unconsolidated real estate</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">12,405</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:68px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Total investment in real estate</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,600,994</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,496,477</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Accumulated depreciation and amortization</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(241,665</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(205,332</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:68px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Investment in real estate, net</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,359,329</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,291,145</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Cash and cash equivalents</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">16,487</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">17,600</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Restricted cash</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">5,413</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">35,014</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Tenant receivables, net</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">32,151</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">30,720</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Note receivable from related party</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">33,274</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Deferred financing and leasing costs, net</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">37,068</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">39,674</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Prepaid expenses and other assets</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">6,781</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">7,941</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL ASSETS</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,457,229</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,455,368</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Liabilities:</I></B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Secured debt</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">459,587</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">432,688</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Unsecured line of credit</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">155,000</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">191,000</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Unsecured term facility</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">100,000</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">100,000</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Accounts payable, accrued expenses and other liabilities</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">53,879</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">33,911</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Accrued distributions</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">14,634</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">13,601</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Rents received in advance and tenant security deposits</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">15,955</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">16,009</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:68px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Total liabilities</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">799,055</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">787,209</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Minority Interests:</I></B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">8.075% Series A Cumulative Redeemable Preferred unitholders</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">73,716</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">73,716</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">9.375% Series C Cumulative Redeemable Preferred unitholders</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">34,464</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">34,464</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">9.250% Series D Cumulative Redeemable Preferred unitholders</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">44,321</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">44,321</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Common unitholders of the Operating Partnership</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">49,176</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">62,485</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Minority interest in Development LLCs</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">15,869</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">11,748</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:68px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Total minority interests</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">217,546</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">226,734</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Stockholders&#146; Equity:</I></B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Common stock</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">274</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">265</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Additional paid-in capital</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">479,295</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">460,390</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Distributions in excess of earnings</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(33,163</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(19,230</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Accumulated other comprehensive loss</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(5,778</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:68px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Total stockholders&#146; equity</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">440,628</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">441,425</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL LIABILITIES &amp; STOCKHOLDERS&#146; EQUITY</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,457,229</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,455,368</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
 </TABLE> </DIV> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></DIV>

   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Fourth Quarter 2001 Supplemental
Financial Report </B></FONT></DIV> <HR NOSHADE ALIGN="left"><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="X99521_3"></A>Consolidated Statements of Operations </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(unaudited, $ in thousands, except per share amounts) </B></FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD HEIGHT="10"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Three&nbsp;Months&nbsp;Ended&nbsp;December&nbsp;31,</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Year Ended December 31,</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD HEIGHT="21"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2000</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>% Change</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2000</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>% Change</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>REVENUES:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Rental income</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">45,152</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">43,609</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;3.5%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">180,552</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">161,236</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">12.0%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Tenant reimbursements</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">4,261</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">5,405</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(21.2%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">21,852</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">19,441</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;12.4%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Interest income</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">147</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1,594</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(90.8%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1,030</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">4,602</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(77.6%)</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Other income</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">38</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">160</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(76.3%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">6,211</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1,844</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">236.8%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Total revenues</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">49,598</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">50,768</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;(2.3%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">209,645</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">187,123</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;12.0%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>EXPENSES:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Property expenses</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">7,550</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">5,598</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;34.9%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">29,804</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">23,347</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;27.7%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Real estate taxes</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">3,015</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">4,632</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(34.9%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">15,495</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">14,591</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;6.2%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">General and administrative expenses</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">3,098</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">3,037</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;2.0%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">12,435</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">11,114</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;11.9%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Ground leases</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">361</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">432</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(16.4%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1,507</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1,643</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;(8.3%)</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Interest expense</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">9,619</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">11,309</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(14.9%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">41,679</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">39,109</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;6.6%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Depreciation and amortization</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">13,279</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">12,216</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;8.7%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">51,913</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">41,125</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;26.2%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Total expenses</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">36,922</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">37,224</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;(0.8%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">152,833</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">130,929</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;16.7%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>INCOME FROM OPERATIONS</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">12,676</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">13,544</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;(6.4%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">56,812</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">56,194</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;1.1%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Net gains on dispositions of operating properties</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">707</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">100.0%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">4,714</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">11,256</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(58.1%)</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>INCOME BEFORE MINORITY INTERESTS AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">13,383</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">13,544</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;(1.2%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">61,526</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">67,450</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(8.8%)</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>MINORITY INTERESTS:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Distributions on Cumulative Redeemable</FONT></DIV> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman"
SIZE="1">Preferred units</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(3,375)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(3,375)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;0.0%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(13,500)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(13,500)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;0.0%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Minority interest in earnings of Operating Partnership</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(834)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(1,241)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(32.8%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(4,502)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(6,683)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(32.6%)</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Minority interest in earnings of Development LLCs</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(1,549)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(142)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">990.8%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(3,701)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(421)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">779.1%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Total minority interests</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(5,758)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(4,758)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;21.0%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(21,703)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(20,604)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;5.3%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>NET INCOME BEFORE CUMULATIVE EFFECT</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="text-indent:10px"><FONT FACE="Times New Roman" SIZE="1"><B>OF CHANGE IN ACCOUNTING PRINCIPLE</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">7,625</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">8,786</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(13.2%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">39,823</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">46,846</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(15.0%)</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="27" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="27" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="27"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(1,392)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="27" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">100.0%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>NET INCOME</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">7,625</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">8,786</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(13.2%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">38,431</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">46,846</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(18.0%)</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Weighted average shares outstanding&#151;basic</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">27,426</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">26,456</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">27,167</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">26,599</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Weighted average shares outstanding&#151;diluted</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">27,545</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">26,747</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">27,373</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">26,755</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>NET INCOME PER COMMON SHARE:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Income per common share&#151;basic</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">0.28</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">0.33</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(15.2%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1.41</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1.76</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(19.9%)</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Income per common share&#151;diluted</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">0.28</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">0.33</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(15.2%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1.40</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1.75</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(20.0%)</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
 </TABLE> </DIV> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></DIV>

   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B> Fourth Quarter 2001 Supplemental
Financial Report </B></FONT></DIV> <HR NOSHADE ALIGN="left"><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="X99521_4"></A>Funds From Operations and Funds Available for Distribution </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(unaudited, $ in thousands, except per share amounts)</B><B><I></I></B><B>
</B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD HEIGHT="21"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Three Months Ended December 31,</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Year Ended December 31,</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD HEIGHT="21"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2000</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>% Change</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2000</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>% Change</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="43%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>FUNDS FROM OPERATIONS:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="43%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Net income</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">7,625</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">8,786</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">(13.2%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">38,431</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">46,846</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">(18.0%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom" WIDTH="43%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Adjustments:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="43%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Minority interest in earnings of Operating Partnership</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">834</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,241</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">(32.8%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">4,502</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">6,683</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">(32.6%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom" WIDTH="43%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Depreciation and amortization</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">12,634</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">11,037</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14.5%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">49,757</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">39,946</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24.6%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="43%" height="16"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Net gains on dispositions of operating properties</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%" height="16"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" height="16"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom" height="16"> <DIV><FONT FACE="Times New Roman" SIZE="2">(707</FONT></DIV></TD>
<TD NOWRAP VALIGN="bottom" height="16"> <DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%" height="16"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2" valign="bottom"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD valign="bottom" height="16"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" height="16"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom" height="16"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100.0%</FONT></DIV></TD>
<TD NOWRAP VALIGN="bottom" height="16"> <DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%" height="16"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" height="16"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom" height="16"> <DIV><FONT FACE="Times New Roman" SIZE="2">(4,714</FONT></DIV></TD>
<TD NOWRAP VALIGN="bottom" height="16"> <DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%" height="16"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" height="16"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom" height="16"> <DIV><FONT FACE="Times New Roman" SIZE="2">(11,256</FONT></DIV></TD>
<TD NOWRAP VALIGN="bottom" height="16"> <DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%" height="16"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom" height="16"> <DIV><FONT FACE="Times New Roman" SIZE="2">(58.1%</FONT></DIV></TD>
<TD NOWRAP VALIGN="bottom" height="16"> <DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom" WIDTH="43%" height="19"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Cumulative effect of change in accounting principle</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%" height="19"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="19" COLSPAN="2" valign="bottom"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD valign="bottom" height="19"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" height="19"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="19" COLSPAN="2" valign="bottom"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD valign="bottom" height="19"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" height="19"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="19" valign="bottom"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD valign="bottom" height="19"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" height="19"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" height="19"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom" height="19"> <DIV><FONT FACE="Times New Roman" SIZE="2">1,392</FONT></DIV></TD>
<TD NOWRAP VALIGN="bottom" height="19"> <DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%" height="19"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="19" COLSPAN="2" valign="bottom"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD valign="bottom" height="19"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%" height="19"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom" height="19"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100.0%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom" height="19"> <DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="43%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Non-cash amortization of restricted stock grants</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">547</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">508</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7.7%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">2,190</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,252</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">74.9%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom" WIDTH="43%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Funds From Operations</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">20,933</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">21,572</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">(3.0%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">91,558</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">83,471</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9.7%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom" WIDTH="43%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Weighted average common shares/units outstanding&#151;basic</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">30,487</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">30,205</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="32"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">30,349</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">30,394</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="32"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="43%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Weighted average common shares/units outstanding&#151;diluted</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">30,606</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">30,495</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="32"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">30,555</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">30,550</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="32"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom" WIDTH="43%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Funds From Operations per common share/unit&#151;basic</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.69</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.71</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">(2.8%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">3.02</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">2.75</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9.8%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom" WIDTH="43%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Funds From Operations per common share/unit&#151;diluted</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.68</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.71</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">(4.2%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">3.00</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">2.73</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9.9%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD HEIGHT="5"> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom" WIDTH="43%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>FUNDS AVAILABLE FOR DISTRIBUTION:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="38" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="38" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="38"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="38" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="38" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="38"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="43%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Funds From Operations</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">20,933</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">21,572</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">(3.0%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">91,558</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">83,471</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9.7%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom" WIDTH="43%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Adjustments:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="43%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Amortization of deferred financing costs</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">532</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">369</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">44.2%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,720</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,488</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15.6%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom" ROWSPAN="2" WIDTH="43%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Tenant improvements, leasing commissions and recurring capital expenditures</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(4,249</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(3,237</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">31.3%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(11,168</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(8,430</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32.5%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom" WIDTH="43%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Net effect of straight-line rents</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(2,272</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(2,000</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13.6%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(6,786</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(7,668</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">(11.5%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom" WIDTH="43%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Funds Available for Distribution</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">14,944</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">16,704</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">(10.5%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">75,324</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">68,861</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9.4%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom" WIDTH="43%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Funds Available for Distribution per common share/unit&#151;basic</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.49</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.55</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">(10.9%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">2.48</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">2.27</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9.3%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom" WIDTH="43%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Funds Available for Distribution per common share/unit&#151;diluted</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.49</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.55</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">(10.9%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">2.47</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">2.25</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9.8%</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
 </TABLE> </DIV> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></DIV>

   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>FOURTH QUARTER 2001 SUPPLEMENTAL
FINANCIAL REPORT </B></FONT></DIV> <HR NOSHADE ALIGN="left"><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="X99521_5"></A>Net Operating Income Breakdown </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD HEIGHT="21"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of December&nbsp;31,&nbsp;2001(1)</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="60%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>% OF TOTAL NOI BY PRODUCT TYPE:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="60%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Office:</I></B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="60%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Los Angeles</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="18%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;39.6%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="60%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Orange County</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="18%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;4.2%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="60%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">San Diego</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="18%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;27.8%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="60%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Other</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="18%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;5.8%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="60%"> <DIV STYLE="margin-left:68px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Subtotal</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="18%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;77.4%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="60%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Industrial:</I></B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="60%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Los Angeles</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="18%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;3.3%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="60%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Orange County</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="18%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;18.1%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="60%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Other</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="18%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;1.2%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="60%"> <DIV STYLE="margin-left:68px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Subtotal</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="18%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;22.6%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="60%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>% OF TOTAL NOI BY REGION:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="60%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Los Angeles</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="18%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;42.9%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="60%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Orange County</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="18%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;22.3%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="60%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">San Diego</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="18%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;27.8%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="60%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Other</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="18%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;7.0%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="60%"> <DIV STYLE="margin-left:68px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Total</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="18%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">100.0%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD> </TR>
 </TABLE> </DIV> <HR NOSHADE WIDTH="10%" ALIGN="left">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>(1)</I></FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>Based on Net Operating Income for the year ended December 31, 2001.</I><I> </I> </FONT></DIV> </TD></TR></TABLE> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5 </FONT></DIV>

   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Fourth Quarter 2001 Supplemental
Financial Report </B></FONT></DIV> <HR NOSHADE ALIGN="left"><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="X99521_6"></A>Same Store Analysis </B></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B><SUP>(1)</SUP></B></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><SUP></SUP> </B></FONT></DIV> <DIV ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B></B><B><I>($&nbsp;&nbsp;in thousands)</I></B><B></B><B><I></I></B><B> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD HEIGHT="10"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Three Months Ended December 31,</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Year Ended December 31,</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD HEIGHT="10"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2000</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>$&nbsp;Change</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>%&nbsp;Change</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2000</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>$&nbsp;Change</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>%&nbsp;Change</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="30%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>TOTAL SAME STORE PORTFOLIO</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="30%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B><I>Operating Revenues:</I></B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="30%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;Rental income</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">35,344</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">34,774</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">&nbsp;570&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;1.6%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">142,160</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">138,582</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">3,578&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;2.6%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="30%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;Tenant reimbursements</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">3,280</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">4,433</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(1,153)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(26.0%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">17,809</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">17,201</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">608&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;3.5%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="30%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;Other income</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">121</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">30</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">91&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">303.3%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">582</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1,621</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(1,039)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">(64.1%)</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="30%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Total operating revenues</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">38,745</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">39,237</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(492)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;(1.3%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">160,551</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">157,404</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">3,147&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;2.0%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="30%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B><I>Operating Expenses:</I></B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="30%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;Property expenses</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">5,613</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">4,422</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1,191&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;26.9%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">22,280</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">19,996</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">2,284&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">11.4%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="30%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;Real estate taxes</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1,979</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">3,914</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(1,935)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(49.4%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">11,766</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">12,491</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(725)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(5.8%)</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="30%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;Ground leases</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">311</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">374</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">&nbsp;(63)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;(16.8%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1,297</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1,506</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(209)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">(13.9%)</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="30%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Total operating expenses</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">7,903</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">8,710</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">(807)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;(9.3%)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">35,343</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">33,993</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1,350&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;4.0%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="30%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B><I>Net Operating Income</I></B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">30,842</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">30,527</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">315&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;1.0%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">125,208</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">123,411</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1,797&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;1.5%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
 </TABLE> </DIV> <HR NOSHADE WIDTH="10%" ALIGN="left">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>(1)</I></FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>Same store defined as all stabilized properties owned at January 1, 2000 and still owned at December 31, 2001. </I></FONT></DIV> </TD></TR></TABLE> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6 </FONT></DIV>

   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Fourth Quarter 2001 Supplemental
Financial Report </B></FONT></DIV> <HR NOSHADE ALIGN="left"><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="X99521_7"></A>Stabilized and Renovation Portfolio and Occupancy Overview </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" WIDTH="100%">

<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B># of <br> Buildings</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Square Feet</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Occupancy at:</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Leased</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Available</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>12/31/01</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>9/30/01</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>12/31/00</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>STABILIZED PORTFOLIO:</B></FONT></DIV> <HR NOSHADE WIDTH="155" ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>OCCUPANCY BY PRODUCT TYPE:</B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B><I>Office:</I></B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <DIV STYLE="margin-left:43px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Los Angeles</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;31</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">3,177,788</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,799,110</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">378,678</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;88.1%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;87.5%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;97.3%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top"> <DIV STYLE="margin-left:43px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Orange County</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;12</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">546,850</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">490,452</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">56,398</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;89.7%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;92.9%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;73.6%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <DIV STYLE="margin-left:43px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">San Diego</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;37</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,791,235</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,791,235</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">0</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">100.0%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;98.6%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">100.0%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top"> <DIV STYLE="margin-left:43px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Other</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;6</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">709,575</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">702,389</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">7,186</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;99.0%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;98.4%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;98.2%</FONT></DIV> </TD> </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <DIV STYLE="margin-left:54px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Subtotal</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;86</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">7,225,448</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">6,783,186</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">442,262</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;93.9%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;93.2%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;96.2%</FONT></DIV> </TD> </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B><I>Industrial:</I></B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top"> <DIV STYLE="margin-left:43px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Los Angeles</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;7</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">554,490</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">551,023</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">3,467</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;99.4%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;97.3%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;99.8%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <DIV STYLE="margin-left:43px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Orange County</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;52</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">4,236,038</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">4,163,306</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">72,732</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;98.3%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;96.8%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;97.1%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top"> <DIV STYLE="margin-left:43px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Other</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;2</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">295,417</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">295,417</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">0&nbsp;&nbsp;</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">100.0%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">100.0%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">100.0%</FONT></DIV> </TD> </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <DIV STYLE="margin-left:54px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Subtotal</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;61</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">5,085,945</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">5,009,746</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">76,199</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;98.5%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;97.1%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;97.8%</FONT></DIV> </TD> </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>OCCUPANCY BY REGION:</B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top"> <DIV STYLE="margin-left:43px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Los Angeles</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;38</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">3,732,278</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">3,350,133</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">382,145</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;89.8%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;89.0%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;97.7%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <DIV STYLE="margin-left:43px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Orange County</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;64</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">4,782,888</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">4,653,758</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">129,130</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;97.3%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;96.4%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;94.2%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top"> <DIV STYLE="margin-left:43px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">San Diego</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;37</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,791,235</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">2,791,235</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">0</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">100.0%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;98.6%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">100.0%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <DIV STYLE="margin-left:43px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Other</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;8</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,004,992</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">997,806</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">7,186</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;99.3%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;98.9%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;99.1%</FONT></DIV> </TD> </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>TOTAL STABILIZED PORTFOLIO</B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>147</B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>12,311,393</B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>11,792,932</B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>518,461</B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;&nbsp;95.8%</B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;&nbsp;94.8%</B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;&nbsp;97.0%</B></FONT></DIV> </TD> </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>RENOVATION PORTFOLIO:</B></FONT></DIV> <HR NOSHADE WIDTH="165" ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <DIV STYLE="margin-left:21px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B><I>Office:</I></B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top"> <DIV STYLE="margin-left:43px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Orange County</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;1</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">78,016</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">0</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">78,016</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <DIV STYLE="margin-left:54px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>TOTAL PORTFOLIO</B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>148</B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>12,389,409</B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>11,792,932</B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"><B>596,477</B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
 </TABLE> </DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" WIDTH="100%">

<TR>
<TD VALIGN="bottom" COLSPAN="7"> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>AVERAGE OCCUPANCY&#151;STABILIZED PORTFOLIO</B></FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7"> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>AVERAGE OCCUPANCY&#151;SAME STORE PORTFOLIO</B></FONT></DIV> </TD> </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;Office&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Industrial</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;Total&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;Office&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Industrial</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;Total&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Quarter-to-Date</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">93.6%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">98.7%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">95.6%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">Quarter-to-Date</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">94.6%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">99.2%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">96.8%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Year-to-Date</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">94.3%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">97.7%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">95.7%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">Year-to-Date</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">94.6%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">97.7%</FONT></DIV> </TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">96.1%</FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7 </FONT></DIV>

   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Fourth Quarter 2001 Supplemental
Financial Report </B></FONT></DIV> <HR NOSHADE ALIGN="left"><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="X99521_8"></A>Leasing Activity </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Quarter-to-Date </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD HEIGHT="10"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="10" COLSPAN="7"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="10" COLSPAN="9"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="4" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Weighted Average Lease Term&nbsp;(Mo.)</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD HEIGHT="10"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="10" COLSPAN="7"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2nd Generation</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="10"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD> </TR>
<TR>
<TD HEIGHT="10"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B># of Leases<SUP>(1)</SUP></B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Square Feet<SUP>(1)</SUP></B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>TI/LC Per Sq.&nbsp;Ft.</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Maintenance Capex Per Sq.&nbsp;Ft.<SUP>(2)</SUP></B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Changes in Rents<SUP>(3)</SUP></B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Changes in</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Cash Rents<SUP>(4)</SUP></B></FONT></DIV> <HR
NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Retention Rates<SUP>(5)</SUP></B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD> </TR>
<TR>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>New</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Renewal</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>New</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Renewal</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="7%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>Office</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="5%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">2</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="8%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">10</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">4,674</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">184,661</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">$7.30</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="11%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">$0.21</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">32.6%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">23.3%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">82.7%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="13%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">76</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="7%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>Industrial</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="5%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">2</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="8%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">6</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">103,240</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">37,231</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">$0.49</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="11%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">$0.04</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">42.0%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">24.9%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">31.4%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="13%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">77</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="7%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="5%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">4</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="8%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">16</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">107,914</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="8%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">221,892</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">$4.02</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="11%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">$0.14</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">33.9%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">23.7%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">64.9%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="13%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">76</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD> </TR>
 </TABLE> </DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Year-to-Date </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD HEIGHT="10"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="10" COLSPAN="7"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="10" COLSPAN="9"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="4" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Weighted Average Lease Term&nbsp;(Mo.)</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD HEIGHT="10"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="10" COLSPAN="7"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2nd Generation</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="10"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD> </TR>
<TR>
<TD HEIGHT="10"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B># of Leases<SUP>(1)</SUP></B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Square Feet<SUP>(1)</SUP></B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>TI/LC Per Sq.&nbsp;Ft.</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Maintenance Capex Per Sq.&nbsp;Ft.<SUP>(2)</SUP></B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Changes in Rents<SUP>(3)</SUP></B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Changes in Cash Rents<SUP>(4)</SUP></B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Retention Rates<SUP>(5)</SUP></B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD> </TR>
<TR>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>New</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Renewal</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>New</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Renewal</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="7%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>Office</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="5%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">27</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="8%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">44</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">146,431</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">650,642</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">$7.60</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="11%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">$0.35</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">25.3%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">14.2%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">69.9%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="13%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">70</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="7%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>Industrial</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="5%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">30</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="8%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">43</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">261,438</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">548,304</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">$2.21</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="11%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">$0.10</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">37.1%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">16.5%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">70.6%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="13%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">58</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="7%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="5%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">57</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="8%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">87</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">407,869</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">1,198,946</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">$4.73</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="11%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">$0.24</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">28.6%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">14.9%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">70.3%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="13%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">64</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD> </TR>
 </TABLE> </DIV> <HR NOSHADE WIDTH="10%" ALIGN="left">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>(1)</I></FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>Includes first and second generation space, net of month-to-month leases. Excludes leasing on new construction. First generation space </I></FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="019" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT></DIV></TD>
<TD WIDTH="002" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>is defined as the space first leased by the Company. </I></FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>(2)</I></FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>Calculated over entire stabilized portfolio. </I></FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>(3)</I></FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>Calculated as the change between GAAP rents for new/renewed leases and the expiring GAAP rents for the same space. </I></FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>(4)</I></FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>Calculated as the change between stated rents for new/renewed leases and the expiring stated rents for the same space. </I></FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>(5)</I></FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>Calculated as the percentage of space either renewed or expanded into by existing tenants at lease expiration. </I></FONT></DIV> </TD></TR></TABLE> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">8 </FONT></DIV>

   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Fourth Quarter 2001 Supplemental
Financial Report </B></FONT></DIV> <HR NOSHADE ALIGN="left"><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="X99521_9"></A>Lease Expiration Schedule </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>($ in thousands) </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD VALIGN="bottom" WIDTH="40%"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Year of Expiration</B></FONT></DIV> <HR NOSHADE WIDTH="100" ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>#&nbsp;of&nbsp;Expiring Leases</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Total&nbsp;Square<BR>&nbsp;Feet<SUP>(1)</SUP></B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>%&nbsp;of&nbsp;Total Leased&nbsp;Sq.&nbsp;Ft.</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Annual Base Rent</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Annual&nbsp;Rent per Sq. Ft.</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>OFFICE:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2002</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">68</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">503,852</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">7.5</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;9,039</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$17.94</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2003</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">60</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">710,490</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">10.6</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11,070</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15.58</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2004</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">57</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">797,880</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">11.9</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17,880</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22.41</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2005</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">53</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">914,786</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">13.6</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16,357</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17.88</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2006</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">43</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">618,069</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">9.2</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15,921</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25.76</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2007</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">591,706</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">8.8</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11,309</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19.11</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2008</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">590,001</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">8.8</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17,423</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29.53</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2009</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">682,104</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">10.2</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17,281</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25.33</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2010</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">282,264</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">4.2</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,203</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29.06</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2011 and beyond</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,016,630</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">15.2</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32,260</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">31.73</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Subtotal</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">337</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,707,782</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">100.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$156,743</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$23.37</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>INDUSTRIAL:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2002</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">36</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">366,835</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">7.3</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$3,181</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$&nbsp;&nbsp;8.67</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2003</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">698,880</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">14.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,421</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6.33</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2004</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">548,867</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">11.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,231</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7.71</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2005</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">755,742</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">15.1</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,759</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7.62</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2006</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">590,638</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">11.8</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,620</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7.82</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2007</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">87,013</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">1.7</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">791</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9.09</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2008</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">752,946</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">15.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,007</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7.98</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2009</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">505,976</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">10.1</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,654</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7.22</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2010</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">70,101</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">1.4</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">596</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8.50</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2011 and beyond</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">631,810</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">12.6</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,175</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11.36</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Subtotal</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">135</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,008,808</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">100.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$&nbsp;&nbsp;40,435</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$&nbsp;&nbsp;8.07</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL PORTFOLIO:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2002</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">104</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">870,687</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">7.4</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$&nbsp;&nbsp;12,220</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$14.03</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2003</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">89</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,409,370</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">12.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15,491</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10.99</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2004</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">81</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,346,747</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">11.5</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22,111</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16.42</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2005</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">68</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,670,528</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">14.3</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22,116</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13.24</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2006</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">53</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,208,707</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">10.3</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20,541</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16.99</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2007</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">678,719</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">5.8</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12,100</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17.83</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2008</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,342,947</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">11.5</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23,430</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17.45</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2009</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,188,080</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">10.1</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20,935</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17.62</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2010</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">352,365</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">3.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,799</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24.97</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2011 and beyond</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,648,440</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">14.1</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">39,435</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23.92</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="40%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Total</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">472</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2">11,716,590</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP></SUP></FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><SUP>(1)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><SUP></SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP></SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><SUP></SUP></FONT><FONT
FACE="Times New Roman" SIZE="1"><SUP></SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><SUP></SUP></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP></SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><SUP></SUP></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP></SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><SUP></SUP>100.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$197,178</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$16.83</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
 </TABLE> </DIV> <HR NOSHADE WIDTH="10%" ALIGN="left">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>(1)</I></FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>Excludes space leased under month-to-month leases and vacant space at December 31, 2001. </I></FONT></DIV> </TD></TR></TABLE> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">9 </FONT></DIV>

   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B> Fourth Quarter 2001 Supplemental
Financial Report </B></FONT></DIV> <HR NOSHADE ALIGN="left"><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="X99521_10"></A>2001 Dispositions </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>($ in thousands)</B><B><I></I></B><B> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD VALIGN="bottom" WIDTH="41%"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Project</B></FONT></DIV> <HR NOSHADE ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Location</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Type</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Month of&nbsp;Disposition</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Square Feet</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Sales&nbsp;Price</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>1st QUARTER:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">6828 Nancy Ridge Drive</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="2">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Industrial</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">February</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">39,669</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">3,300</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>2nd QUARTER:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">199 &amp; 201 N. Sunrise Avenue</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="2">Roseville, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Industrial</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">April</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">162,203</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">15,400</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>3rd QUARTER:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">4880 Santa Rosa Road</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="2">Camarillo, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">August</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">41,131</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">6,580</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">1900 Aerojet Way</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="2">Las Vegas, NV</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Industrial</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">August</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">106,717</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">5,067</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">795 Trademark Drive</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="2">Reno, NV</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Industrial</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">September</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">75,257</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">7,296</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">41093 County Center Drive</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="2">Temecula, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Industrial</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">September</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">77,582</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">5,395</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">1840 Aerojet Way</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="2">Las Vegas, NV</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Industrial</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">September</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">102,948</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">5,100</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Subtotal</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">403,635</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">29,438</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>4th QUARTER:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">184&#151;220 Technology Drive</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="2">Irvine, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Industrial</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">October</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">157,499</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">19,000</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">2231 Rutherford Road</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="15%"> <DIV><FONT FACE="Times New Roman" SIZE="2">Carlsbad, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">December</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">39,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">3,290</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Subtotal</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">196,499</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">22,290</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL YEAR-TO-DATE DISPOSITIONS</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">802,006</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">70,428</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD> </TR>
 </TABLE> </DIV> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10 </FONT></DIV>

   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B><B><I></I></B><B> </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Fourth Quarter
2001 Supplemental Financial Report </B><B><I></I></B><B> </B></FONT></DIV> <HR NOSHADE ALIGN="left"><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="X99521_11"></A>Stabilized Development </B><B><I></I></B><B> </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>($ in thousands)</B><B><I> </I></B><B> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD VALIGN="bottom" WIDTH="26%"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Project</B></FONT></DIV> <HR NOSHADE WIDTH="38" ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="15%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Location</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Type</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="9%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Start&nbsp;Date</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="10%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Completion</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Date</B></FONT></DIV> <HR NOSHADE
COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Rentable</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Square&nbsp;Feet</B></FONT></DIV> <HR NOSHADE
COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Total Est.</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Investment</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Occupancy</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>1st QUARTER:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom" WIDTH="26%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>2nd QUARTER:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Pacific Technology Center</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="15%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1Q 2000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2Q 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">67,995</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$12,129</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Sorrento Rim Business Park II</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="15%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2Q 2000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2Q 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">102,875</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25,307</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Subtotal</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">170,870</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$37,436</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>3rd QUARTER:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Calabasas Park Centre&#151;<BR>&nbsp;Phase III</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="15%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Calabasas, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3Q 2000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1Q 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11,789</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$&nbsp;&nbsp;2,726</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>4th QUARTER:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Peregrine Systems&#151;Bld 3</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>(1)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><SUP></SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="15%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Del Mar, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2Q 2000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2Q 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">129,752</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$27,124</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="9" WIDTH="10%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL YEAR-TO-DATE STABILIZED DEVELOPMENT</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">312,411</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="9%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$67,286</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
 </TABLE> </DIV> <HR NOSHADE WIDTH="10%" ALIGN="left">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>(1)</I></FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>Project is being developed by a Development LLC in which the Company holds a 50% managing interest. The estimated investment figure includes the capital required to purchase
the remaining 50% interest in the project. </I></FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><I>Some of the enclosed information presented is forward-looking in nature, including
information concerning development timing and investment amounts. Although the information is based on Kilroy Realty Corporation&#146;s current expectations, actual results could vary from expectations stated here. Numerous factors will affect
Kilroy Realty Corporation&#146;s actual results, some of which are beyond its control. These include the timing and strength of regional economic growth, the strength of commercial and industrial real estate markets, competitive market conditions,
future interest rate levels and capital market conditions. You are cautioned not to place undue reliance on this information, which speaks only as of the date of this report. Kilroy Realty Corporation assumes no obligation to update publicly any
forward-looking information, whether as a result of new information, future events or otherwise. For a discussion of important risks related to Kilroy Realty Corporation&#146;s business, and an investment in its securities, including risks that
could cause actual results and events to differ materially from results and events referred to in the forward-looking information, see the discussion under the caption &#147;Business Risks&#148; in Kilroy Realty Corporation&#146;s annual report on
Form 10-K for the year ended December 31, 2000. In light of these risks, uncertainties and assumptions, the forward-looking events contained contained in this supplement information might not occur. </I></FONT></DIV> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">11 </FONT></DIV>

   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Fourth Quarter 2001 Supplemental
Financial Report </B></FONT></DIV> <HR NOSHADE ALIGN="left"><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="X99521_12"></A>In-Process and Committed Development Projects </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>($ in thousands)</B><B><I> </I></B><B> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD HEIGHT="21"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="21"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="21"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" WIDTH="7%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Estimated</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Construction Period</B></FONT></DIV> <HR
NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" WIDTH="8%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Est.</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Stabilization
Date<SUP>(1)</SUP></B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Rentable</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Square</B></FONT></DIV> <DIV ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>Feet</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Total Estimated</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Investment</B></FONT></DIV> <HR NOSHADE
COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="21"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="21"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="21"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="26%"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Project</B></FONT></DIV> <HR NOSHADE WIDTH="36" ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="13%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Location</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="4%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Type</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="7%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Start Date</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="7%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Compl. Date</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>% Leased</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>% LOI</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>% Committed<SUP>&nbsp;(2)</SUP></B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3" WIDTH="13%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>PROJECTS IN&nbsp;LEASE-UP:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;Calabasas Park Centre&#151;Phase II</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="13%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Calabasas, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="4%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">2Q 2000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">1Q 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="8%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">1Q 2002</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">98,706</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">$&nbsp;&nbsp;21,840</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">85</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">4</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;89%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;Innovation&nbsp;Corporate&nbsp;Center&#151;Lot&nbsp;8</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="13%"> <DIV><FONT FACE="Times New Roman" SIZE="1">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">2Q 2000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">2Q 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="8%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">2Q 2002</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">46,759</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">9,365</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">51</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;51%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;Innovation&nbsp;Corporate&nbsp;Center&#151;</FONT></DIV> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT
FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Lot&nbsp;12<SUP>(3)</SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="13%"> <DIV><FONT FACE="Times New Roman" SIZE="1">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">2Q 2000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">2Q 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="8%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">1Q 2002</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">70,617</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">16,282</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">100</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">100%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;Pacific&nbsp;Corporate&nbsp;Center&#151;Lots&nbsp;25&nbsp;&amp;&nbsp;27</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="13%"> <DIV><FONT FACE="Times New Roman" SIZE="1">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">2Q 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">4Q 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="8%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">2Q 2002</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">68,400</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">18,071</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">100</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">100%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Subtotal</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">284,482</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">$&nbsp;&nbsp;65,558</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">63</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">25</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;88%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3" WIDTH="13%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>PROJECTS UNDER CONSTRUCTION:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;Brobeck, Phleger &amp; Harrison Expansion</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="13%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Del Mar, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">3Q 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">3Q 2002</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="8%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">3Q 2002</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">89,168</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">$&nbsp;&nbsp;22,748</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">100</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">100%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;Imperial &amp; Sepulveda<SUP>(4)</SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="13%"> <DIV><FONT FACE="Times New Roman" SIZE="1">El Segundo, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">1Q 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">1Q 2002</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="8%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">1Q 2003</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">133,678</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">38,410</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;0%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;Peregrine&nbsp;Systems&nbsp;Corporate&nbsp;Ctr&#151;Bld&nbsp;4<SUP>(5)</SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="13%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Del Mar, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">3Q 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">4Q 2002</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="8%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">2Q 2003</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">114,780</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">26,143</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">100</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">100%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;Sorrento&nbsp;Gateway&#151;Lot 4<SUP>(5)</SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="13%"> <DIV><FONT FACE="Times New Roman" SIZE="1">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">2Q 2001</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">1Q 2002</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="8%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">1Q 2002</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">60,662</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">15,609</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">100</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">100%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;Westside Media Center&#151;Phase III</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="13%"> <DIV><FONT FACE="Times New Roman" SIZE="1">West LA, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"> <DIV><FONT FACE="Times New Roman" SIZE="1">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">4Q 2000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="7%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">1Q 2002</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="8%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">1Q 2003</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">151,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">54,842</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;0%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Subtotal</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">549,288</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">$157,753</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">48</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;48%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="9" WIDTH="7%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>TOTAL PROJECTS IN LEASE UP AND UNDER CONSTRUCTION</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">833,770</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">$223,311</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">53</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">9</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">62%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="3" WIDTH="13%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>COMMITTED DEVELOPMENT:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="26%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;None</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="12"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="11" WIDTH="8%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1"><B>TOTAL IN-PROCESS AND COMMITTED DEVELOPMENT PROJECTS:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="6%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">833,770</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1">$223,311</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">53</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="0" VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1">9</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;62%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
 </TABLE> </DIV> <HR NOSHADE WIDTH="9%" ALIGN="left">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>(1)</I></FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>Based on management&#146;s estimation of the earlier of stabilized occupancy (95%) or one year from the date of substantial completion. </I></FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>(2)</I></FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>Includes executed leases and signed letters of intent, calculated on a square footage basis. </I></FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>(3)</I></FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>This project is 100% leased to one tenant. It is expected that the tenant will take occupancy of 100% of the space in the first quarter of 2002. </I></FONT></DIV>
</TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>(4)</I></FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>This project was completed in January 2002. </I></FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>(5)</I></FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>Project is being developed by a Development LLC in which the Company holds a 50% managing interest. The estimated investment figure includes the </I></FONT></DIV>
</TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="019" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT></DIV></TD>
<TD WIDTH="001" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1"><I>capital required to purchase the remaining 50% interest in the project. </I></FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT
FACE="Times New Roman" SIZE="2"><I>Some of the enclosed information presented is forward-looking in nature, including information concerning development timing and investment amounts. Although the information is based on Kilroy Realty
Corporation&#146;s current expectations, actual results could vary from expectations stated here. Numerous factors will affect Kilroy Realty Corporation&#146;s actual results, some of which are beyond its control. These include the timing and
strength of regional economic growth, the strength of commercial and industrial real estate markets, competitive market conditions, future interest rate levels and capital market conditions. You are cautioned not to place undue reliance on this
information, which speaks only as of the date of this report. Kilroy Realty Corporation assumes no obligation to update publicly any forward- looking information, whether as a result of new information, future events or otherwise. For a discussion
of important risks related to Kilroy Realty Corporation&#146;s business, and an investment in its securities, including risks that could cause actual results and events to differ materially from results and events referred to in the forward-looking
information, see the discussion under the caption &#147;Business Risks&#148; in Kilroy Realty Corporation&#146;s annual report on Form 10-K for the year ended December 31, 2000. In light of these risks, uncertainties and assumptions the
forward-looking events contained in this supplemental information might not occur. </I></FONT></DIV> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">12 </FONT></DIV>

   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Fourth Quarter 2001 Supplemental
Financial Report </B></FONT></DIV> <HR NOSHADE ALIGN="left"><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="X99521_13"></A>Future Development Pipeline </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>($ in thousands)</B><B><I> </I></B><B> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD VALIGN="bottom" WIDTH="54%"> <DIV><FONT FACE="Times New Roman" SIZE="1"><B>Project</B></FONT></DIV> <HR NOSHADE ALIGN="left" COLOR="#000000" width="240"> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="15%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Location</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="7%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Type</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Rentable</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Square&nbsp;Feet</B></FONT></DIV> <HR NOSHADE
COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Estimated</B></FONT></DIV> <DIV ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>Investment</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>SAN DIEGO COUNTY:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="54%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Innovation Corporate Center&#151;Lot 2</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="15%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">51,187</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$&nbsp;&nbsp;10,149</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Innovation Corporate Center&#151;Lot 4</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="15%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">75,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13,763</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="54%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Innovation Corporate Center&#151;Lot 9</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="15%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">65,867</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12,485</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Innovation Corporate Center&#151;Lot 10</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="15%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">37,405</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,931</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="54%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Pacific Corporate Center&#151;Lots 3, 4 &amp; 6</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="15%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">225,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">48,145</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Pacific Corporate Center&#151;Lot 8</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="15%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">95,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19,420</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="54%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;San Diego Corporate Center&#151;Lot 7</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="15%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Del Mar, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">207,842</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">63,683</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Santa Fe Summit&#151;Phase I</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="15%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">150,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33,997</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="54%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Santa Fe Summit&#151;Phase II</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="15%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">150,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34,764</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Sorrento Gateway&#151;Lot 1</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="15%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">55,933</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10,906</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="54%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Sorrento Gateway&#151;Lot 2</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>(1)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><SUP></SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="15%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">70,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14,090</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Sorrento Gateway&#151;Lot 3</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>(1)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><SUP></SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="15%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">56,800</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11,469</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="54%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Sorrento Gateway&#151;Lot 7</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>(1)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><SUP></SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="15%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">San Diego, CA</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">57,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11,907</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Subtotal</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,297,034</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$292,709</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="54%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL FUTURE DEVELOPMENT PIPELINE</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right" WIDTH="11%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,297,034</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right" WIDTH="10%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">$292,709</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD> </TR>
 </TABLE> </DIV> <HR NOSHADE WIDTH="10%" ALIGN="left">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>(1)</I></FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>Project is being developed by a Development LLC in which the Company holds a 50% interest. The estimated investment figure includes the capital required to purchase the
remaining 50% interest in the project. </I></FONT></DIV> </TD></TR></TABLE> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2"><I>Some of the enclosed information presented is forward-looking in nature, including
information concerning development timing and investment amounts. Although the information is based on Kilroy Realty Corporation&#146;s current expectations, actual results could vary from expectations stated here. Numerous factors will affect
Kilroy Realty Corporation&#146;s actual results, some of which are beyond its control. These include the timing and strength of regional economic growth, the strength of commercial and industrial real estate markets, competitive market conditions,
future interest rate levels and capital market conditions. You are cautioned not to place undue reliance on this information, which speaks only as of the date of this report. Kilroy Realty Corporation assumes no obligation to update publicly any
forward-looking information, whether as a result of new information, future events or otherwise. For a discussion of important risks related to Kilroy Realty Corporation&#146;s business and an investment in its securities, including risks that could
cause actual results and events to differ materially from results and events referred to in the forward-looking information, see the discussion under the caption &#147;Business Risks&#148; in Kilroy Realty Corporation&#146;s annual report on Form
10-K for the year ended December 31, 2000. In light of these risks, uncertainties and assumptions, the forward-looking events contained in this supplement information might not occur. </I></FONT></DIV> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">13 </FONT></DIV>

   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Fourth Quarter 2001 Supplemental
Financial Report </B></FONT></DIV> <HR NOSHADE ALIGN="left"><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="X99521_14"></A>Capital Structure </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>At December 31, 2001</B><B><I></I></B><B> </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>($ in
thousands)</B><B><I></I></B><B> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD HEIGHT="54"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Shares/Units at&nbsp;December&nbsp;31,&nbsp;2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Aggregate Principal Amount or $&nbsp;Value Equivalent</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>% of Total Market Capitalization</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="56%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>DEBT:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="56%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Secured Debt</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">459,587</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27.5%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="56%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Unsecured Line of Credit</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">155,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9.3%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="56%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Unsecured Term Facility</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">100,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6.0%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="56%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Total Debt</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">714,587</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">42.8%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="56%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>EQUITY:</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="24"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="56%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">8.075% Series A Cumulative Redeemable Preferred Units</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>(1)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><SUP></SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="18%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,500,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">75,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.5%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="56%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">9.375% Series C Cumulative Redeemable Preferred Units </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>(1)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><SUP></SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="18%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">700,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">35,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.1%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="56%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">9.250% Series D Cumulative Redeemable Preferred Units</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>(1)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><SUP></SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="18%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">900,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">45,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.7%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="56%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Common Units Outstanding</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>(2)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><SUP></SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="18%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,060,954</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">80,411</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.8%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="56%"> <DIV STYLE="margin-left:27px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Common Shares Outstanding</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>(2)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><SUP></SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="18%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27,426,071</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">720,483</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">43.1%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="56%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Total Equity</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">955,894</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">57.2%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="56%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL MARKET CAPITALIZATION</B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,670,481</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="12%"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100.0%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD> </TR>
 </TABLE> </DIV> <HR NOSHADE WIDTH="10%" ALIGN="left">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>(1)</I></FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>Value based on $50.00 per share liquidation preference.</I><I> </I> </FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>(2)</I></FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>Valued based on closing share price of $26.27 at December 31, 2001.</I><I> </I> </FONT></DIV> </TD></TR></TABLE> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">14 </FONT></DIV>

   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B> Fourth Quarter 2001 Supplemental
Financial Report </B></FONT></DIV> <HR NOSHADE ALIGN="left"><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="X99521_15"></A>Debt Analysis </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B></B><B><I>At December 31, 2001</I></B><B></B><B><I> </I></B><B> </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B></B><B><I>($ in thousands)</I></B><B> </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD VALIGN="top" COLSPAN="13" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SECURED DEBT AND UNSECURED TERM FACILITY PRINCIPAL REPAYMENT SCHEDULE</B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="12%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2002</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="2%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="12%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2003</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="2%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="12%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="2%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="12%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="2%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="12%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2006</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="2%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="11%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Thereafter</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="15%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" ALIGN="center" WIDTH="12%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$6,009</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="2%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$172,113</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="2%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$130,958</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="2%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$87,893</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="2%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="12%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$4,972</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="2%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="11%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$157,642</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="4%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="15%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$559,587</FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <DIV> <p><FONT SIZE="1">&nbsp;</FONT></p> </DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL DEBT COMPOSITION </B></FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD HEIGHT="10"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="10"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Weighted Average</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR>
<TD HEIGHT="21"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>% of Total&nbsp;Debt</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Interest&nbsp;Rate</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Maturity</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="68%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Secured vs. Unsecured Debt:</I></B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="68%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Secured Debt</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">64.3%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="11%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6.3%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4.8</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="68%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Unsecured Debt</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">35.7%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="11%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7.8%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1.6</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="68%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Floating vs. Fixed Rate Debt:</I></B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="68%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Fixed Rate Debt</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>(1),(2),(4)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><SUP></SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">76.5%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="11%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7.6%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4.1</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="68%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Floating Rate Debt</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>(3)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><SUP></SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="10%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">23.5%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="11%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4.0%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2.1</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR NOSHADE COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="68%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Total Debt</I></B></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="11%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6.8%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="9%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3.6</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD> </TR>
 </TABLE> </DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>UNSECURED LINE OF CREDIT </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD VALIGN="bottom" WIDTH="31%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Total Line</B></FONT></DIV> <HR NOSHADE WIDTH="57" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="31%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Outstanding Balance</B></FONT></DIV> <HR NOSHADE WIDTH="120" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="31%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Expiration Date</B></FONT></DIV> <HR NOSHADE WIDTH="86" COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" ALIGN="center" WIDTH="26%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$400,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="26%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$155,000</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="26%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">November 2002</FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>CAPITALIZED INTEREST </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV
ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD VALIGN="bottom" WIDTH="48%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter-to-Date</B></FONT></DIV> <HR NOSHADE WIDTH="90" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="48%" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Year-to-Date</B></FONT></DIV> <HR NOSHADE WIDTH="72" COLOR="#000000"></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" ALIGN="center" WIDTH="39%"> <DIV STYLE="margin-left:13px; text-indent:-13px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$3.8 million</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="39%"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$13.6 million</FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <HR NOSHADE WIDTH="10%" ALIGN="left">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>(1)</I><I></I></FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2"><I></I><I>The Company currently has an interest-rate swap agreement to fix LIBOR on $150 million of its floating rate debt at 6.95% which</I><I> </I><I> </I><I>expires in
February 2002.</I><I> </I> </FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2">(2)</FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>The Company currently has an interest-rate swap agreement to fix LIBOR on $150 million of its floating rate debt at 5.48%</I><I> </I><I>which expires in November
2002.</I><I> </I> </FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>(3)</I></FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>The Company, through one of its Development LLCs, currently has an interest-rate cap agreement to cap LIBOR on its floating rate</I><I> </I><I> </I><I>construction debt at
8.5% which expires in April 2002. The notional amount of the cap increases over the life of the agreement as the balance</I><I></I><I> </I><I>of the related construction loan increases. At December 31, 2001, the notional amount of the cap agreement
was approximately $57.0 million.</I><I></I> </FONT></DIV> </TD></TR></TABLE>
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<TR>
<TD WIDTH="015" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="2"><I>(4)</I><I></I></FONT></DIV></TD>
<TD WIDTH="011" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="2"><I></I><I>The percentage of fixed rate debt to total debt does not take into consideration the portion of floating rate debt capped by the </I><I> </I><I></I><I>Company&#146;s
interest-rate cap agreement. Including the effects of the interest-rate cap agreement, the Company had fixed or capped </I><I> </I><I> </I><I>approximately 84.4% of its total outstanding debt at December 31, 2001.</I><I> </I> </FONT></DIV>
</TD></TR></TABLE> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">15 </FONT></DIV>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>dex992.htm
<DESCRIPTION>PRESS RELEASE DATED  JANUARY 30, 2002
<TEXT>
<HTML><HEAD>
<TITLE>Press Release dated  January 30, 2002</TITLE>
</HEAD>
  <BODY BGCOLOR="WHITE"><HR>
 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 99.2 </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
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<TR VALIGN="TOP">
<TD WIDTH="34%"><DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Contact: </FONT></DIV> </TD>
<TD><DIV STYLE="margin-left:24px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">FOR RELEASE: </FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="34%"><DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Richard E. Moran Jr. </FONT></DIV> </TD>
<TD><DIV STYLE="margin-left:24px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">January 30, 2002 </FONT></DIV> </TD></TR></TABLE><DIV><FONT FACE="Times New Roman" SIZE="2">Executive Vice President </FONT></DIV> <DIV><FONT
FACE="Times New Roman" SIZE="2">and Chief Financial Officer </FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2">(310) 563-5533 </FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2">or </FONT></DIV> <DIV><FONT FACE="Times New Roman"
SIZE="2">Tyler H. Rose </FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2">Senior Vice President </FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2">and Treasurer </FONT></DIV> <DIV><FONT FACE="Times New Roman" SIZE="2">(310) 563-5531
</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION REPORTS </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ANNUAL FFO PER SHARE
GROWTH OF 9.9% </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2"><B>LOS ANGELES, January 30, 2002</B> &#150; Kilroy Realty Corporation <B><I>(NYSE: KRC)</I></B> today
reported financial results for its fourth quarter ended December 31, 2001, with funds from operations (FFO) of $20.9 million, or $0.68 per share, down from $21.6 million, or $0.71 per share, in the fourth quarter of 2000. Revenues in the fourth
quarter totaled $49.6 million, down from $50.8 million in the prior year&#146;s quarter. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">For its fiscal year ended December 31,
2001, KRC reported FFO of $91.6 million, or $3.00 per share, up from $83.5 million, or $2.73 per share, in 2000, a 9.9% increase. Revenues for 2001 totaled $209.6 million, up from $187.1 million in the prior year. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">The company said net income in its fourth quarter totaled $7.6 million, or $0.28 per share, down from $8.8&nbsp;million, or $0.33 per share, in the
fourth quarter of 2000. For the year, net income totaled $38.4 million, or $1.40 per share, down from $46.8 million, or $1.75 per share, in 2000. All per-share amounts in this report are presented on a diluted basis. </FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">KRC completed and stabilized $67 million of new development in 2001, adding an aggregate 312,000&nbsp;square feet of space in four new office properties
to its stabilized portfolio. At year-end, the stabilized portfolio was 96% occupied. The company also disposed of $70 million of non-strategic real estate assets aggregating 802,000 square feet of space during the year. </FONT></DIV> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1 </FONT></DIV>

   <HR>
 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">KRC currently has in lease-up 284,500 square feet of space, representing a total estimated
investment of approximately $66 million, which is 88% leased or committed. The Company has an additional 549,300 square feet of space under construction, with completion dates scheduled through 2002. The properties under construction, representing a
total estimated investment of approximately $158 million, are currently 48% leased. In total the company&#146;s lease-up and under construction development properties are 62% leased or committed, up from 51% in the prior quarter. </FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">Some of the information presented in this release is forward-looking in nature within the meaning of the Private Securities Litigation Reform
Act of 1995. Although Kilroy Realty Corporation believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that the expectations will be achieved. Certain factors that could
cause actual results to differ materially from Kilroy Realty&#146;s expectations are set forth as risk factors in the company&#146;s Securities and Exchange Commission reports and filings. Included among these factors are changes in general economic
conditions, including changes in the economic conditions affecting industries in which its principal tenants compete; any failure of the general economy to recover timely from the current economic downturn; Kilroy Realty&#146;s ability to timely
lease or re-lease space at current or anticipated rents; changes in interest rates; changes in operating costs, including utility and insurance costs; future demand for its debt and equity securities; its ability to refinance its debt on reasonable
terms at maturity; its ability to complete current and future development projects on schedule and on budget; the demand for office space in markets in which Kilroy Realty has a presence; and risks detailed from time to time in the company&#146;s
SEC reports, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Many of these factors are beyond Kilroy Realty&#146;s ability to control or predict. Forward-looking statements are not guarantees of
performance. For forward-looking statements herein, Kilroy Realty claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The company assumes no obligation to update
or supplement forward-looking statements that become untrue because of subsequent events. </FONT></DIV> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></DIV>

   <HR>
 <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:27px"><FONT FACE="Times New Roman" SIZE="2">Kilroy Realty Corporation is a Southern California-based real estate investment trust active in
the office and industrial property sectors. The company is a member of the S&amp;P Small Cap 600 Index. For more than 50 years, the company has owned, developed, acquired and managed real estate assets primarily in the coastal regions of California
and Washington. Principal submarkets for KRC&#146;s current development program include West Los Angeles, El Segundo and coastal San Diego, where the company&#146;s total development pipeline is more than $500 million. At December 31, 2001, the
company owned 7.2 million square feet of commercial office space and 5.1 million square feet of industrial space. </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">######################### </FONT></DIV> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></DIV>

   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>Summary Quarterly Results
</U></B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(unaudited, in thousands, except per share data) </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD HEIGHT="32"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Three&nbsp;Months Ended December&nbsp;31,&nbsp;2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Three Months Ended December&nbsp;31,&nbsp;2000</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Year Ended</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31,&nbsp;2001</B></FONT></DIV> <HR
NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Year Ended</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31,&nbsp;2000</B></FONT></DIV> <HR
NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Revenues</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">49,598</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">50,768</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">209,645</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">187,123</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Net income available to common stockholders<SUP> (1)</SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">7,625</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">8,786</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">38,431</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">46,846</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Weighted average common shares outstanding&#151;basic</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">27,426</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">26,456</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">27,167</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">26,599</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Weighted average common shares outstanding&#151;diluted</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">27,545</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">26,747</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">27,373</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">26,755</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Net income per share of common stock&#151;basic</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">0.28</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">0.33</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1.41</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1.76</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Net income per share of common stock&#151;diluted</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">0.28</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">0.33</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1.40</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">1.75</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Funds From Operations</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">20,933</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">21,572</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">91,558</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">83,471</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Weighted average common shares/units outstanding&#151;basic<SUP>(2)</SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">30,487</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">30,205</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">30,349</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">30,394</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Weighted average common shares/units outstanding&#151;diluted<SUP>(2)</SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">30,606</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">30,495</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">30,555</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">30,550</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Funds From Operations per common share/unit&#151;basic<SUP>(2)</SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">0.69</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">0.71</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">3.02</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">2.75</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom" WIDTH="34%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Funds From Operations per common share/unit&#151;diluted<SUP>(2)</SUP></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">0.68</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">0.71</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">3.00</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">2.73</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="34%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Common shares outstanding at end of period</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="21" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="21" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">27,426</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">26,475</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom" WIDTH="34%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Common partnership units outstanding at end of period</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="27" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="27" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">3,061</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">3,749</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:54px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Total common shares and units outstanding at end of period</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="27" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="27" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">30,487</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">30,224</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="16"> </TD> </TR>
<TR>
<TD HEIGHT="38"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="38" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="38" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31, 2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31, 2000</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Occupancy rates:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">California</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">95.6</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">96.7</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Washington</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">99.6</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">100.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Arizona</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">100.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">100.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Nevada</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">100.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:54px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Weighted average total</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">95.8</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">97.0</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">%</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="8"> </TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="34%"> <DIV STYLE="margin-left:10px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Total square feet of stabilized properties owned at end of period:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="35" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="35" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="35" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="35" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Office</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">7,225</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">6,624</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:32px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Industrial</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">5,086</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">5,808</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:54px; text-indent:-10px"><FONT FACE="Times New Roman" SIZE="1">Total</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">12,311</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="1"></FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="1">12,432</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="1"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
 </TABLE> </DIV> <HR NOSHADE WIDTH="10%" ALIGN="left">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="012" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1">(1)</FONT></DIV></TD>
<TD WIDTH="009" VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1">Net income after minority interests. </FONT></DIV> </TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="026" VALIGN="top" ALIGN="left"><DIV><FONT FACE="Times New Roman" SIZE="1">(2)&nbsp;&nbsp;&nbsp;&nbsp;Calculated</FONT></DIV></TD>
<TD VALIGN="top"><DIV>&nbsp;</DIV></TD>
<TD ALIGN="left" VALIGN="top"><DIV><FONT FACE="Times New Roman" SIZE="1">based on weighted average shares outstanding assuming conversion of all common limited partnership units outstanding. </FONT></DIV> </TD></TR></TABLE> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></DIV>

   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>Consolidated Balance Sheets
</U></B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(unaudited, in thousands) </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD HEIGHT="21"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31, 2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31, 2000</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="75%"> <DIV><FONT FACE="Times New Roman" SIZE="2">ASSETS</FONT></DIV> <HR NOSHADE WIDTH="61" ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">INVESTMENT IN REAL ESTATE:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Land and improvements</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">269,366</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">266,444</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Buildings and improvements</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,140,499</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,054,995</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Undeveloped land and construction in progress, net</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">191,129</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">162,633</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Investment in unconsolidated real estate</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">12,405</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Total investment in real estate</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,600,994</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,496,477</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Accumulated depreciation and amortization</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(241,665</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(205,332</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Investment in real estate, net</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,359,329</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,291,145</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Cash and cash equivalents</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">16,487</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">17,600</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Restricted cash</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">5,413</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">35,014</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Tenant receivables, net</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">32,151</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">30,720</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Note receivable from related party</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">33,274</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Deferred financing and leasing costs, net</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">37,068</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">39,674</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Prepaid expenses and other assets</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">6,781</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">7,941</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">TOTAL ASSETS</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,457,229</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,455,368</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="bottom" WIDTH="75%"> <DIV><FONT FACE="Times New Roman" SIZE="2">LIABILITIES &amp; STOCKHOLDERS' EQUITY </FONT></DIV> <HR NOSHADE WIDTH="315" ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="13" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">LIABILITIES:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Secured debt</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">459,587</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">432,688</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Unsecured line of credit</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">155,000</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">191,000</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Unsecured term facility</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">100,000</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">100,000</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">53,879</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">33,911</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Accrued distributions</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">14,634</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">13,601</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Rents received in advance and tenant security deposits</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">15,955</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">16,009</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Total liabilities</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">799,055</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">787,209</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">MINORITY INTERESTS:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;8.075% Series A Cumulative Redeemable</FONT></DIV> <DIV STYLE="text-indent:13px"><FONT FACE="Times New Roman"
SIZE="2">Preferred unitholders</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">73,716</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">73,716</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;9.375% Series C Cumulative Redeemable</FONT></DIV> <DIV STYLE="text-indent:13px"><FONT FACE="Times New Roman"
SIZE="2">Preferred unitholders</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">34,464</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">34,464</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;9.250% Series D Cumulative Redeemable</FONT></DIV> <DIV STYLE="text-indent:13px"><FONT FACE="Times New Roman"
SIZE="2">Preferred unitholders</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">44,321</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">44,321</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Common unitholders of the Operating Partnership</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">49,176</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">62,485</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Minority interest in Development LLCs</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">15,869</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">11,748</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Total minority interests</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">217,546</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">226,734</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">STOCKHOLDERS' EQUITY:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Common stock</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">274</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">265</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Additional paid-in capital</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">479,295</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">460,390</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Distributions in excess of earnings</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(33,163</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(19,230</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Accumulated other comprehensive loss</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(5,778</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Total stockholders' equity</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">440,628</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">441,425</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">TOTAL LIABILITIES &amp; STOCKHOLDERS' EQUITY</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,457,229</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,455,368</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
 </TABLE> </DIV> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5 </FONT></DIV>

   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>Consolidated Statements of
Operations </U></B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(unaudited, in thousands, except per share data) </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD HEIGHT="43"> <HR NOSHADE WIDTH="0" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Three&nbsp;Months</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Ended</B></FONT></DIV> <DIV
ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31, 2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Three&nbsp;Months</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Ended</B></FONT></DIV> <DIV
ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31, 2000</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Year</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Ended</B></FONT></DIV> <DIV ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>December&nbsp;31, 2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Year</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Ended</B></FONT></DIV> <DIV ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>December&nbsp;31, 2000</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">REVENUES:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Rental income</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">45,152</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">43,609</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">180,552</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">161,236</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Tenant reimbursements</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">4,261</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">5,405</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">21,852</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">19,441</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Interest income</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">147</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,594</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,030</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">4,602</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Other income</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">38</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">160</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">6,211</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,844</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:68px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Total revenues</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">49,598</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">50,768</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">209,645</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">187,123</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">EXPENSES:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Property expenses</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">7,550</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">5,598</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">29,804</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">23,347</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Real estate taxes</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">3,015</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">4,632</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">15,495</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">14,591</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">General and administrative expenses</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">3,098</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">3,037</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">12,435</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">11,114</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Ground leases</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">361</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">432</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,507</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,643</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Interest expense</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">9,619</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">11,309</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">41,679</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">39,109</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Depreciation and amortization</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">13,279</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">12,216</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">51,913</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">41,125</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:68px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Total expenses</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">36,922</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">37,224</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">152,833</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">130,929</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Income from operations</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">12,676</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">13,544</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">56,812</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">56,194</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Net gains on dispositions of operating properties</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">707</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">4,714</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">11,256</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Income before minority interests and cumulative effect of change in accounting principle</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">13,383</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">13,544</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">61,526</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">67,450</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Minority interests:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Distributions on Cumulative Redeemable Preferred units</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(3,375</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(3,375</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(13,500</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(13,500</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Minority interest in earnings of Operating Partnership</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(834</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(1,241</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(4,502</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(6,683</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Minority interest in earnings of Development LLCs</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(1,549</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(142</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(3,701</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(421</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:68px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Total minority interests</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(5,758</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(4,758</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(21,703</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(20,604</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Net income before cumulative effect of change in accounting principle</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">7,625</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">8,786</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">39,823</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">46,846</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Cumulative effect of change in accounting principle</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(1,392</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Net income</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">7,625</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">8,786</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">38,431</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">46,846</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Weighted average shares outstanding&#151;basic</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">27,426</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">26,456</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">27,167</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">26,599</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Weighted average shares outstanding&#151;diluted</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">27,545</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">26,747</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">27,373</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">26,755</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Income per common share&#151;basic</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.28</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.33</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1.41</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1.76</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="49%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Income per common share&#151;diluted</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.28</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.33</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1.40</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1.75</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
 </TABLE> </DIV> <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6 </FONT></DIV>
 <P></P>


   <HR>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>Funds from Operations
</U></B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(unaudited, in thousands, except per share data) </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD HEIGHT="32"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Three&nbsp;Months</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Ended</B></FONT></DIV> <DIV
ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31,&nbsp;2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Three&nbsp;Months</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Ended</B></FONT></DIV> <DIV
ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31,&nbsp;2000</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Year</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Ended</B></FONT></DIV> <DIV ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>December&nbsp;31,&nbsp;2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Year</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Ended</B></FONT></DIV> <DIV ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>December&nbsp;31,&nbsp;2000</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Net income</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">7,625</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">8,786</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">38,431</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">46,846</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Adjustments:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Minority interest in earnings of Operating Partnership</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">834</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,241</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">4,502</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">6,683</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Depreciation and amortization</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">12,634</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">11,037</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">49,757</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">39,946</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Net gains on dispositions of operating properties</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(707</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="32" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(4,714</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(11,256</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Cumulative effect of change in accounting principle</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="32" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="32" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,392</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="32" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Non-cash amortization of restricted stock grants</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">547</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">508</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">2,190</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,252</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Funds From Operations</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">20,933</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">21,572</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">91,558</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">83,471</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Weighted average common shares/units outstanding&#151;basic</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">30,487</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">30,205</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">30,349</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">30,394</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Weighted average common shares/units outstanding&#151;diluted</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">30,606</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">30,495</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">30,555</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">30,550</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Funds From Operations per common share/unit&#151;basic</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.69</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.71</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">3.02</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">2.75</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Funds From Operations per common share/unit&#151;diluted</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.68</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.71</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">3.00</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">2.73</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
 </TABLE> </DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KILROY REALTY CORPORATION </B></FONT></DIV> <DIV ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B><U>Funds Available for Distribution </U></B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(unaudited, in thousands, except per&nbsp;share data) </B></FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD HEIGHT="32"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Three&nbsp;Months</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Ended
December&nbsp;31,&nbsp;2001</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Three&nbsp;Months</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Ended
December&nbsp;31,&nbsp;2000</B></FONT></DIV> <HR NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Year</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Ended December&nbsp;31,&nbsp;2001</B></FONT></DIV> <HR
NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Year</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Ended December&nbsp;31,&nbsp;2000</B></FONT></DIV> <HR
NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Funds From Operations</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">20,933</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">21,572</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">91,558</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">83,471</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Adjustments:</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="16" COLSPAN="2"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Amortization of deferred financing costs</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">532</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">369</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,720</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">1,488</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Tenant improvements, leasing commissions and recurring capital expenditures</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(4,249</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(3,237</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(11,168</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(8,430</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:40px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Net effect of straight-line rents</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(2,272</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(2,000</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(6,786</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">(7,668</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">)</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Funds Available for Distribution</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">14,944</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">16,704</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">75,324</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">68,861</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Funds Available for Distribution per common share/unit&#151;basic</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.49</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.55</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">2.48</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">2.27</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="34%"> <DIV STYLE="margin-left:13px; text-indent:-13px"><FONT FACE="Times New Roman" SIZE="2">Funds Available for Distribution per common share/unit&#151;diluted</FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.49</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">0.55</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">2.47</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <DIV><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></DIV></TD>
<TD ALIGN="right" VALIGN="bottom"><DIV><FONT FACE="Times New Roman" SIZE="2">2.25</FONT></DIV></TD>
<TD NOWRAP VALIGN="Bottom"><DIV><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1">&nbsp;</FONT></FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="5"> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD HEIGHT="5" COLSPAN="2"> <HR SIZE="4" NOSHADE COLOR="#000000"></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD> </TR>
 </TABLE> </DIV> <P></P>

 <P></P>
 <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7 </FONT></DIV>

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