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<SEC-DOCUMENT>0000921082-09-000019.txt : 20090508
<SEC-HEADER>0000921082-09-000019.hdr.sgml : 20090508
<ACCEPTANCE-DATETIME>20090508120556
ACCESSION NUMBER:		0000921082-09-000019
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20090331
FILED AS OF DATE:		20090508
DATE AS OF CHANGE:		20090508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HIGHWOODS REALTY LTD PARTNERSHIP
		CENTRAL INDEX KEY:			0000941713
		STANDARD INDUSTRIAL CLASSIFICATION:	LESSORS OF REAL PROPERTY, NEC [6519]
		IRS NUMBER:				561869557
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21731
		FILM NUMBER:		09808729

	BUSINESS ADDRESS:	
		STREET 1:		3100 SMOKETREE CT STE 600
		CITY:			RALEIGH
		STATE:			NC
		ZIP:			27604
		BUSINESS PHONE:		9198724924

	MAIL ADDRESS:	
		STREET 1:		3100 SMOKETREE COURT
		STREET 2:		STE 600
		CITY:			RALEIGH
		STATE:			NC
		ZIP:			27604

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HIGHWOODS FORSYTH L P
		DATE OF NAME CHANGE:	19960626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HIGHWOODS PROPERTIES INC
		CENTRAL INDEX KEY:			0000921082
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				561871668
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13100
		FILM NUMBER:		09808728

	BUSINESS ADDRESS:	
		STREET 1:		3100 SMOKETREE CT
		STREET 2:		STE 600
		CITY:			RALEIGH
		STATE:			NC
		ZIP:			27604
		BUSINESS PHONE:		9198724924

	MAIL ADDRESS:	
		STREET 1:		3100 SMOKETREE COURT
		STREET 2:		STE 600
		CITY:			RALEIGH
		STATE:			NC
		ZIP:			27604
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>hiw3q09_final.htm
<DESCRIPTION>MARCH 2009 HIW 10-Q
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;line-height:50%;border-bottom:double 2.25pt;padding-bottom:1;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>UNITED STATES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Washington, D.C. 20549</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>______________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>FORM 10-Q</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>THE SECURITIES EXCHANGE ACT OF 1934</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>For the quarterly period ended March</font></b><font size=2>&nbsp;</font><b><font size=2>31,</font></b><font size=2>&nbsp;</font><b><font size=2>2009</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>______________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>HIGHWOODS PROPERTIES, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>(Exact name of registrant as specified in its charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="2%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="32%" nowrap valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><b><font size=2>Maryland</font></b></p> </td>
        <td width="28%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><b><font size=2>001-13100</font></b></p> </td>
        <td width="32%" nowrap valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><b><font size=2>56-1871668</font></b></p> </td>
        <td width="2%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="2%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="32%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>(State or other jurisdiction </font><br> <font size=1>of incorporation or organization)</font></p> </td>
        <td width="28%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>(Commission</font><br> <font size=1>File Number)</font></p> </td>
        <td width="32%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>(I.R.S. Employer </font><br> <font size=1>Identification Number)</font></p> </td>
        <td width="2%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>HIGHWOODS REALTY LIMITED PARTNERSHIP</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>(Exact name of registrant as specified in its charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="2%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="32%" nowrap valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><b><font size=2>North Carolina</font></b></p> </td>
        <td width="28%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><b><font size=2>000-21731</font></b></p> </td>
        <td width="32%" nowrap valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><b><font size=2>56-1869557</font></b></p> </td>
        <td width="2%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="2%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="32%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>(State or other jurisdiction </font><br> <font size=1>of incorporation or organization)</font></p> </td>
        <td width="28%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>(Commission</font><br> <font size=1>File Number)</font></p> </td>
        <td width="32%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>(I.R.S. Employer </font><br> <font size=1>Identification Number)</font></p> </td>
        <td width="2%" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:75%;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>3100 Smoketree Court, Suite 600</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Raleigh, NC 27604</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>(Address of principal executive offices) (Zip Code)</font></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>919-872-4924</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>(Registrants&#146; telephone number, including area code)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>______________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="95%" style='border-collapse:collapse'>
    <tr >
        <td width="4%" nowrap valign=top style='padding:4.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:4.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="31%" nowrap valign=top style='padding:4.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Highwoods Properties, Inc.</font></b><font size=2>  Yes  </font><font face=Wingdings>x</font>  </p> </td>
        <td width="14%" nowrap valign=top style='padding:4.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>No </font><font face=Wingdings>o</font></p> </td>
        <td width="42%" nowrap valign=top style='padding:4.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Highwoods Realty Limited Partnership</font></b><font size=2>  Yes  </font><font face=Wingdings>x</font>  </p> </td>
        <td width="7%" nowrap valign=top style='padding:4.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>No </font><font face=Wingdings>o</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="95%" style='border-collapse:collapse'>
    <tr >
        <td width="4%" nowrap valign=top style='padding:4.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:4.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="31%" nowrap valign=top style='padding:4.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Highwoods Properties, Inc.</font></b><font size=2>  Yes  </font><font face=Wingdings>o</font>  </p> </td>
        <td width="14%" nowrap valign=top style='padding:4.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>No </font><font face=Wingdings>o</font></p> </td>
        <td width="42%" nowrap valign=top style='padding:4.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Highwoods Realty Limited Partnership</font></b><font size=2>  Yes  </font><font face=Wingdings>o</font>  </p> </td>
        <td width="7%" nowrap valign=top style='padding:4.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>No </font><font face=Wingdings>o</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of &#145;large accelerated filer,&#146; &#145;accelerated filer&#146; and &#145;smaller reporting company&#146; in Rule 12b-2 of the Securities Exchange Act. </font></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:justify;'><b><font size=2>Highwoods Properties, Inc.</font></b></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="83%" style='border-collapse:collapse'>
    <tr >
        <td width="24%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Large accelerated filer </font><font face=Wingdings>x</font>  </p> </td>
        <td width="20%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Accelerated filer </font><font face=Wingdings>o</font>  </p> </td>
        <td width="24%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Non-accelerated filer </font><font face=Wingdings>o</font>  </p> </td>
        <td width="30%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Smaller reporting company </font><font face=Wingdings>o</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:justify;'><b><font size=2>Highwoods Realty Limited Partnership</font></b></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="83%" style='border-collapse:collapse'>
    <tr >
        <td width="24%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Large accelerated filer </font><font face=Wingdings>o</font>  </p> </td>
        <td width="20%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Accelerated filer </font><font face=Wingdings>o</font>  </p> </td>
        <td width="24%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Non-accelerated filer </font><font face=Wingdings>x</font>  </p> </td>
        <td width="30%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Smaller reporting company </font><font face=Wingdings>o</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act).</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="95%" style='border-collapse:collapse'>
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        <td width="4%" nowrap valign=top style='padding:4.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:4.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="31%" nowrap valign=top style='padding:4.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Highwoods Properties, Inc.</font></b><font size=2>  Yes  </font><font face=Wingdings>o</font>  </p> </td>
        <td width="14%" nowrap valign=top style='padding:4.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>No </font><font face=Wingdings>x</font></p> </td>
        <td width="42%" nowrap valign=top style='padding:4.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Highwoods Realty Limited Partnership</font></b><font size=2>  Yes  </font><font face=Wingdings>o</font>  </p> </td>
        <td width="7%" nowrap valign=top style='padding:4.0pt 0in 0in 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>No </font><font face=Wingdings>x</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The Company had 63,814,615 shares of common stock outstanding as of May&nbsp;1,&nbsp;2009.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;border-bottom:double 2.25pt;padding-bottom:1;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>






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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC. </font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP </font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>QUARTERLY REPORT FOR THE PERIOD ENDED MARCH</font></B><font size=2>&nbsp;</font><b><font size=2>31,</font></b><font size=2>&nbsp;</font><b><font size=2>2009</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><A NAME="TOC1"></a><font SIZE=2>TABLE OF CONTENTS </font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:9.54%; text-indent:-9.54%;text-align:left;'><u><font size=2><a href="#TOC2"></a></font></u><font COLOR="#0000FF"><U><font SIZE=2>PART I - FINANCIAL INFORMATION</font></U></font><u><font size=2></font></u></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC3"><font COLOR="#0000FF"><U><font SIZE=2>ITEM 1.  FINANCIAL STATEMENTS</font></U></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC3"><font color="#0000FF"><u><font size=2>2</font></u></font></a></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:8.62%; text-indent:-3.85%;text-align:left;'><font COLOR="#0000FF"><U><font SIZE=2>HIGHWOODS PROPERTIES, INC.:</font></U></font><u><font size=2></font></u></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC4"><font color="#0000FF"><u><font size=2>Consolidated Balance Sheets as of March&nbsp;31,&nbsp;2009 and December&nbsp;31,&nbsp;2008</font></u></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC4"><font color="#0000FF"><u><font size=2>3</font></u></font></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC5"><font color="#0000FF"><u><font size=2>Consolidated Statements of Income for the three months ended March&nbsp;31,&nbsp;2009 and 2008</font></u></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC5"><font color="#0000FF"><u><font size=2>4</font></u></font></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC6"><font color="#0000FF"><u><font size=2>Consolidated Statement of Equity for the three months ended March&nbsp;31,&nbsp;2009</font></u></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC6"><font color="#0000FF"><u><font size=2>5</font></u></font></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC7"><font color="#0000FF"><u><font size=2>Consolidated Statements of Cash Flows for the three months ended March&nbsp;31,&nbsp;2009 and 2008</font></u></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC7"><font color="#0000FF"><u><font size=2>6</font></u></font></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC8"><font color="#0000FF"><u><font size=2>Notes to Consolidated Financial Statements</font></u></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC8"><font color="#0000FF"><u><font size=2>8</font></u></font></a></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:8.62%; text-indent:-3.85%;text-align:left;'><font COLOR="#0000FF"><U><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP:</font></U></font><u><font size=2></font></u></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC9"><font color="#0000FF"><u><font size=2>Consolidated Balance Sheets as of March&nbsp;31,&nbsp;2009 and December&nbsp;31,&nbsp;2008</font></u></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC9"><font color="#0000FF"><u><font size=2>23</font></u></font></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC10"><font color="#0000FF"><u><font size=2>Consolidated Statements of Income for the three months ended March&nbsp;31,&nbsp;2009 and 2008</font></u></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC10"><font color="#0000FF"><u><font size=2>24</font></u></font></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC11"><font color="#0000FF"><u><font size=2>Consolidated Statement of Equity for the three months ended March&nbsp;31,&nbsp;2009</font></u></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC11"><font color="#0000FF"><u><font size=2>25</font></u></font></a></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC12"><font color="#0000FF"><u><font size=2>Consolidated Statements of Cash Flows for the three months ended March&nbsp;31,&nbsp;2009 and 2008</font></u></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC12"><font color="#0000FF"><u><font size=2>26</font></u></font></a></p> </td> </tr></table>
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            <p  style='margin-top:6.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC13"><font color="#0000FF"><u><font size=2>Notes to Consolidated Financial Statements</font></u></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC13"><font color="#0000FF"><u><font size=2>28</font></u></font></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC14"><font color="#0000FF"><u><font size=2>ITEM 2.  MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</font></u></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC14"><font color="#0000FF"><u><font size=2>41</font></u></font></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC15"><font color="#0000FF"><u><font size=2>Disclosure Regarding Forward-Looking Statements</font></u></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC15"><font color="#0000FF"><u><font size=2>41</font></u></font></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC16"><font color="#0000FF"><u><font size=2>Results of Operations</font></u></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC16"><font color="#0000FF"><u><font size=2>42</font></u></font></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC17"><font color="#0000FF"><u><font size=2>Liquidity and Capital Resources</font></u></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC17"><font color="#0000FF"><u><font size=2>44</font></u></font></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC18"><font color="#0000FF"><u><font size=2>Critical Accounting Estimates</font></u></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC18"><font color="#0000FF"><u><font size=2>49</font></u></font></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC19"><font color="#0000FF"><u><font size=2>Funds From Operations</font></u></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC19"><font color="#0000FF"><u><font size=2>49</font></u></font></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC20"><font COLOR="#0000FF"><U><font SIZE=2>ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</font></U></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC20"><font color="#0000FF"><u><font size=2>52</font></u></font></a></p> </td> </tr></table>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC21"><font COLOR="#0000FF"><U><font SIZE=2>ITEM 4.  CONTROLS AND PROCEDURES</font></U></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC21"><font color="#0000FF"><u><font size=2>52</font></u></font></a></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:9.54%; text-indent:-9.54%;text-align:left;'><u><font size=2><a href="#TOC22"></a></font></u><font COLOR="#0000FF"><U><font SIZE=2>PART II - OTHER INFORMATION</font></U></font><u><font size=2></font></u></p>


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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC23"><font COLOR="#0000FF"><U><font SIZE=2>ITEM 6.  EXHIBITS</font></U></font></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC23"><font color="#0000FF"><u><font size=2>53</font></u></font></a></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small><A NAME="TOC2"></A>PART</small> <small>I</small> <small>-</small> <small>FINANCIAL</small> <small>INFORMATION</small></b></p>

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<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2><a name="toc3"></a>ITEM 1.  FINANCIAL STATEMENTS</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>We refer to Highwoods Properties, Inc. as the &#147;Company,&#148; Highwoods Realty Limited Partnership as the &#147;Operating Partnership,&#148; the Company&#146;s common stock as &#147;Common Stock,&#148; the Company&#146;s preferred stock as &#147;Preferred Stock,&#148; the Operating Partnership&#146;s common partnership interests as &#147;Common Units,&#148; the Operating Partnership&#146;s preferred partnership interests as &#147;Preferred Units&#148; and in-service properties (excluding rental residential units) to which the Company and/or the Operating Partnership have title and 100.0% ownership rights as the &#147;Wholly Owned Properties.&#148; The partnership agreement provides that the Operating Partnership will assume and pay when due, or reimburse the Company for payment of, all costs and expenses relating to the ownership and operations of, or for the benefit of, the
Operating Partnership. The partnership agreement further provides that all expenses of the Company are deemed to be incurred for the benefit of the Operating Partnership.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>2</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small><A NAME="TOC4"></A>CONSOLIDATED</small> <small>BALANCE</small> <small>SHEETS</small></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>(Unaudited and in thousands, except share and per share amounts)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="99%" style='margin-left:.1pt;border-collapse:collapse'>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b><br> <b><font size=1>2009</font></b></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>December</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b><br> <b><font size=1>2008</font></b></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Assets:</font></b></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
	<td width="61" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Real estate assets, at cost:</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Land</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>354,629</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>352,872</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Buildings and tenant improvements</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,831,001</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,819,844</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Development in process</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>70,808</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>61,938</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Land held for development</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>98,946</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>98,946</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,355,384</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,333,600</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:71.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Less-accumulated depreciation</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(734,944</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(714,224</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p></td></tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:89.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Net real estate assets</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,620,440</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,619,376</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>For-sale residential condominiums</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>21,423</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>24,284</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Real estate and other assets, net, held for sale</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,242</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,242</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Cash and cash equivalents</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>7,757</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,757</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Restricted cash</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,781</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,258</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Accounts receivable, net of allowance of $2,104 and $1,281, respectively</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>16,748</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>23,687</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Notes receivable, net of allowance of $400 and $459, respectively</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,447</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,602</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Accrued straight-line rents receivable, net of allowance of $2,274 and $2,082, respectively</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>81,513</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>79,979</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Investment in unconsolidated affiliates</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>67,677</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>67,723</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Deferred financing and leasing costs, net of accumulated amortization of $54,554 and $52,586, respectively</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>71,607</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>73,216</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Prepaid expenses and other assets</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>36,015</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>37,046</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:125.9pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>Total Assets</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,930,650</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,946,170</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr style='height:.1in'>
        <td nowrap valign=top style=' height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='  height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='  height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Liabilities, Noncontrolling Interests in the Operating Partnership and Equity:</font></b></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Mortgages and notes payable</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,619,276</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,604,685</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Accounts payable, accrued expenses and other liabilities</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>121,285</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>135,609</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Financing obligations</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>34,509</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>34,174</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:107.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Total Liabilities</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,775,070</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,774,468</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Commitments and contingencies </font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Noncontrolling interests in the Operating Partnership</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>87,119</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>111,278</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Stockholders' Equity:</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Preferred Stock, $.01 par value, 50,000,000 authorized shares;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td valign=top >
            <p style='margin-left:53.9pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per share), 29,092 shares </font><br> <font size=1>issued and outstanding at both March&nbsp;31,&nbsp;2009 and December&nbsp;31,&nbsp;2008</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>29,092</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>29,092</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:53.9pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>8.000% Series B Cumulative Redeemable Preferred Shares (liquidation preference $25 per share), 2,100,000 shares </font><br> <font size=1>issued and outstanding at both March&nbsp;31,&nbsp;2009 and December&nbsp;31,&nbsp;2008</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>52,500</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>52,500</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td valign=top >
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Common stock, $.01 par value, 200,000,000 authorized shares; </font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:53.9pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>63,762,575 and 63,571,705 shares issued and outstanding at March&nbsp;31,&nbsp;2009 and December&nbsp;31,&nbsp;2008, respectively</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>638</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>636</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Additional paid-in capital</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,640,174</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,616,093</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Distributions in excess of net earnings</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(655,435</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(639,281</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td></tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Accumulated other comprehensive loss</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(4,698</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(4,792</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p></td></tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:89.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Total Stockholders' Equity</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,062,271</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,054,248</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Noncontrolling interests in consolidated affiliates</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>6,190</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>6,176</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:107.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Total Equity</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,068,461</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,060,424</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td></tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:125.9pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,930,650</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p></td>
        <td width="61" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,946,170</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td></tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:25%;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>See accompanying notes to consolidated financial statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>3</font></A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>





<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small><A NAME="TOC5"></A>CONSOLIDATED</small> <small>STATEMENTS</small> <small>OF</small> <small>INCOME</small></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>(Unaudited and in thousands, except per share amounts)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:.1pt;border-collapse:collapse'>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended </font></b><br> <b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="9" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Rental and other revenues</font></b>                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>115,966</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>113,428</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Operating expenses: </font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Rental property and other expenses</font>                                                                                                                                                                                                                                                                           </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>41,797</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>38,574</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Depreciation and amortization</font>                                                                                                                                                                                                                                                                                                  </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>33,424</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>30,748</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>General and administrative</font>                                                                                                                                                                                                                                                                                                                     </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>8,315</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>9,711</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Total operating expenses</font>                                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>83,536</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>79,033</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Interest expense: </font></b></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Contractual</font>                                                                                                                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>20,579</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>23,463</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Amortization of deferred financing costs</font>                                                                                                                                                                                                                                                    </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>662</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>638</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Financing obligations</font>                                                                                                                                                                                                                                                                                                                                              </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>735</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>740</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>21,976</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>24,841</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Other income: </font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Interest and other income</font>                                                                                                                                                                                                                                                                                                                        </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,007</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>795</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,007</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>795</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Income before disposition of property and condominiums and equity in earnings of </font></b></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>unconsolidated affiliates</font></b>                                                                                                                                                                                                                                                                                                                                 </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>11,461</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>10,349</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Net gains on disposition of property</font>                                                                                                                                                                                                                                                                        </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>19</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Gains on for-sale residential condominiums</font>                                                                                                                                                                                                                                          </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>347</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Equity in earnings of unconsolidated affiliates</font>                                                                                                                                                                                                                              </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,300</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,989</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Income from continuing operations</font></b>                                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,127</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>12,338</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Discontinued operations:</font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Income from discontinued operations</font>                                                                                                                                                                                                                                           </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>670</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Net gains on sales of discontinued operations</font>                                                                                                                                                                                                         </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>73</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,726</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>73</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>4,396</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Net income</font></b>                                                                                                                                                                                                                                                                                                                                                                                                                  </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,200</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>16,734</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Net income attributable to noncontrolling interests in the Operating Partnership</font>                                                            </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(694</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(893</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Net income attributable to noncontrolling interests in consolidated affiliates</font>                                                                                 </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(18</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(198</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Dividends on preferred stock</font>                                                                                                                                                                                                                                                                                                           </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,677</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(2,838</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><b><font size=1>Net income available for common stockholders</font></b>                                                                                                                                                                                                                                             </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>10,811</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>12,805</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Earnings per common share - basic:</font></b></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Income from continuing operations available for common stockholders</font>                                                                                                      </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.17</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.15</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Income from discontinued operations available for common stockholders</font>                                                                                              </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.07</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>Net income available for common stockholders</font>                                                                                                                                                                                                                     </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.17</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.22</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>Weighted average common shares outstanding - basic</font>                                                                                                                                                                                           </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>63,631</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>57,217</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Earnings per common share - diluted:</font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Income from continuing operations available for common stockholders</font>                                                                                                      </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.17</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.15</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Income from discontinued operations available for common stockholders</font>                                                                                              </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.07</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>Net income available for common stockholders</font>                                                                                                                                                                                                                     </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.17</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.22</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>Weighted average common shares outstanding - diluted</font>                                                                                                                                                                                   </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>67,705</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>61,416</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>Dividends declared per common share</font>                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.425</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.425</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Net income available for common stockholders:</font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Income from continuing operations available for common stockholders</font>                                                                                                      </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>10,742</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>8,696</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Income from discontinued operations available for common stockholders</font>                                                                                              </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>69</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>4,109</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>Net income available for common stockholders</font>                                                                                                                                                                                                                     </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>10,811</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>12,805</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>See accompanying notes to consolidated financial statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>4</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>





<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small><A NAME="TOC6"></A>CONSOLIDATED</small> <small>STATEMENT</small> <small>OF</small> <small>EQUITY</small></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>Three Months Ended March</font></b><font size=2>&nbsp;</font><b><font size=2>31,</font></b><font size=2>&nbsp;</font><b><font size=2>2009</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>(Unaudited and in thousands, except share amounts)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Number of</font></b><br> <b><font size=1>Common</font></b><br> <b><font size=1> Shares</font></b></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Common</font></b><br> <b><font size=1> Stock</font></b></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Series A</font></b><br> <b><font size=1>Preferred</font></b></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Series B</font></b><br> <b><font size=1>Preferred</font></b></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Additional</font></b><br> <b><font size=1> Paid-In </font></b><br> <b><font size=1>Capital</font></b></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Accum-</font></b><br> <b><font size=1>ulated</font></b><br> <b><font size=1>Other </font></b><br> <b><font size=1>Compre- </font></b><br> <b><font size=1>hensive</font></b><br> <b><font size=1>Loss</font></b></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Non-</font></b><br> <b><font size=1>Control-</font></b><br> <b><font size=1>ling</font></b><br> <b><font size=1>Interests</font></b><br> <b><font size=1>in</font></b><br> <b><font size=1>Consol-idated</font></b><br> <b><font size=1>Affiliates</font></b></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Distri-</font></b><br> <b><font size=1>butions</font></b><br> <b><font size=1> in Excess</font></b><br> <b><font size=1> of Net </font></b><br> <b><font size=1>Earnings</font></b></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Total</font></b></p> </td>
        <td width="0%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:4.5pt;text-indent:-4.5pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Balance at </font><br> <font size=1>December&nbsp;31,&nbsp;2008</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>63,571,705</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="6%" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>636</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="6%" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>29,092</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="6%" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>52,500</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="7%" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,616,093</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="6%" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(4,792</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="6%" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>6,176</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="7%" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(639,281</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="7%" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,060,424</font></p> </td>
        <td width="0%" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:4.5pt;text-indent:-4.5pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Issuances of Common </font><br> <font size=1>Stock, net</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(38,109</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(895</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>18</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(18</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="0%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:4.5pt;text-indent:-4.5pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Comprehensive income:</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:9.0pt;text-indent:-4.5pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Net income</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,200</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,200</font></p> </td>
        <td width="0%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:9.0pt;text-indent:-4.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Other comprehensive</font><br> <font size=1>income</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>94</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>94</font></p> </td>
        <td width="0%" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:4.5pt;text-indent:-4.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Total comprehensive </font><br> <font size=1>income</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,294</font></p> </td>
        <td width="0%" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:4.5pt;text-indent:-4.5pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>Balance at </font><br> <font size=1>March&nbsp;31,&nbsp;2009</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="7%" nowrap valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>63,762,575</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="6%" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>638</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="6%" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>29,092</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="6%" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>52,500</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="7%" nowrap valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,640,174</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="6%" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(4,698</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="6%" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>6,190</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="7%" nowrap valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(655,435</font></p> </td>
        <td width="1%" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td>
        <td width="1%" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="7%" nowrap valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,068,461</font></p> </td>
        <td width="0%" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>See accompanying notes to consolidated financial statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>5</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>





<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small><A NAME="TOC7"></A>CONSOLIDATED</small> <small>STATEMENTS</small> <small>OF</small> <small>CASH</small> <small>FLOWS</small></b></p>

<p style=' margin-bottom:0pt; margin-top:2pt;text-align:center;'><font size=2>(Unaudited and in thousands)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="99%" style='border-collapse:collapse'>
    <tr >
        <td nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p></td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended </font></b><br> <b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p></td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Operating activities:</font></b></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Net income</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:4.7pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,200</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>16,734</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Adjustments to reconcile net income to net cash provided by operating activities:</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Depreciation</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>29,558</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>27,358</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Amortization of lease commissions</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,866</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,751</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Amortization of lease incentives</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>298</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>222</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Amortization of restricted stock and stock options</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,842</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,227</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Amortization of deferred financing costs</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>662</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>638</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:60.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Amortization of accumulated other comprehensive loss</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(70</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>80</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Net gains on disposition of properties</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(92</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(3,726</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Gains on disposition of for-sale residential condominiums</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(347</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Equity in earnings of unconsolidated affiliates</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,300</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,989</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Change in financing obligations</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>335</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>225</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Distributions of earnings from unconsolidated affiliates</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,257</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,899</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Changes in operating assets and liabilities:</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:80.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Accounts receivable</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>4,516</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,739</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:80.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Prepaid expenses and other assets</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>161</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(3,316</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:80.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Accrued straight-line rents receivable</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,534</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(2,403</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:80.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Accounts payable, accrued expenses and other liabilities</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(6,731</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(23,625</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:100.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Net cash provided by operating activities</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>45,621</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>20,814</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Investing activities:</font></b></p></td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Additions to real estate assets and deferred leasing costs</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(36,923</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(55,532</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Proceeds from disposition of real estate assets</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>195</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>6,072</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Proceeds from disposition of for-sale residential condominiums</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,180</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Distributions of capital from unconsolidated affiliates</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>594</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>804</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Net repayments of notes receivable</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>155</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,190</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Contributions to unconsolidated affiliates</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(500</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(841</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Changes in restricted cash and other investing activities</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,540</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,387</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:100.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Net cash used in investing activities</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(34,839</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(44,920</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Financing activities:</font></b></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Dividends on Common Stock</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(26,965</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(24,303</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Dividends on Preferred Stock</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,677</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(2,838</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Distributions to noncontrolling interests in the Operating Partnership</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,717</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,679</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Distributions to noncontrolling interest in consolidated affiliates</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(4</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(258</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Net proceeds from the sale of Common Stock</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(895</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(686</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Repurchase of Common Units from noncontrolling interests</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(3,293</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Borrowings on revolving credit facility</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>91,000</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>203,200</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Repayments of revolving credit facility</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(57,000</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(184,100</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Borrowings on mortgages and notes payable</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>36,551</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>144,579</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Repayments of mortgages and notes payable</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(55,964</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(102,459</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Additions to deferred financing costs</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(111</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(602</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:100.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Net cash (used in)/provided by financing activities</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(16,782</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>27,561</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Net (decrease)/increase in cash and cash equivalents</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(6,000</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,455</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Cash and cash equivalents at beginning of the period</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,757</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p></td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,140</font></p></td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Cash and cash equivalents at end of the period</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p></td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>7,757</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td>
        <td width="11" valign=bottom style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p></td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>6,595</font></p></td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p></td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height:80%;'><font size=2>See accompanying notes to consolidated financial statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>6</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>





<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>CONSOLIDATED</small> <small>STATEMENTS</small> <small>OF</small> <small>CASH</small> <small>FLOWS</small><font size=2> - Continued</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>(Unaudited and in thousands)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Supplemental disclosure of cash flow information: </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="99%" style='border-collapse:collapse'>
    <tr >
        <td nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended</font></b><br> <b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=1>Cash paid for interest, net of amounts capitalized (excludes cash distributions to owners of sold properties accounted for as financings</font><br> <font size=1>of $110 and $200 for 2009 and 2008, respectively)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt;background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>24,695</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt;background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>29,977</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td nowrap ></td>

        <td width="11" ></td>

        <td width="11" ></td>

        <td width="47" ></td>

        <td width="11" ></td>

        <td width="11" ></td>

        <td width="47" ></td>

        <td width="11" ></td> </tr> </table>
            </div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Supplemental disclosure of non-cash investing and financing activities: </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The following table summarizes the net asset acquisitions and dispositions subject to mortgage notes payable and other non-cash transactions. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="99%" style='border-collapse:collapse'>
    <tr >
        <td nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended</font></b><br> <b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Assets:</font></b></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Prepaid expenses and other assets</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(34</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=top style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(561</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(34</font></p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=top style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(561</font></p> </td>
        <td width="10" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Liabilities:</font></b></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Accounts payable, accrued expenses and other liabilities</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(198</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=top style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>409</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(198</font></p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=top style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>409</font></p> </td>
        <td width="10" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><b><font size=1>Noncontrolling Interests in the Operating Partnership and Equity</font></b></p> </td>
        <td width="10" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: double black 2.25pt;background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>164</font></p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: double black 2.25pt;background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(970</font></p> </td>
        <td width="10" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>See accompanying notes to consolidated financial statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>7</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small><A NAME="TOC8"></A>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>March</font></b><font size=2>&nbsp;</font><b><font size=2>31,</font></b><font size=2>&nbsp;</font><b><font size=2>2009</font></b></p>

<p style=' margin-bottom:0pt; margin-top:3pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per share data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:3pt;text-align:center;'><font size=2>(Unaudited)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


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    <tr >
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>1<small>.</small></b></p> </td>
        <td width="95%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>DESCRIPTION</small> <small>OF</small> <small>BUSINESS</small> <small>AND</small> <small>SIGNIFICANT</small> <small>ACCOUNTING</small> <small>POLICIES</small></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Description of Business</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Highwoods Properties, Inc., together with its consolidated subsidiaries (the "Company"), is a fully-integrated, self-administered and self-managed equity real estate investment trust ("REIT") that operates in the southeastern and midwestern United States. The Company conducts virtually all of its activities through Highwoods Realty Limited Partnership (the &#147;Operating Partnership&#148;). As of March&nbsp;31,&nbsp;2009, the Company and/or the Operating Partnership wholly owned: 310 in-service office, industrial and retail properties; 96 rental residential units; 580 acres of undeveloped land suitable for future development, of which 490 acres are considered core holdings; and an additional eight office and industrial properties under development and 66 for-sale residential condominiums. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The Company is the sole general partner of the Operating Partnership. As of March&nbsp;31,&nbsp;2009, the Company owned all of the preferred partnership interests (&#147;Preferred Units&#148;) and 63.2 million, or 94.0%, of the common partnership interests (&#147;Common Units&#148;) in the Operating Partnership. Limited partners (including certain officers and directors of the Company) own the remaining 4.1 million Common Units. Generally, the Operating Partnership is required to redeem each Common Unit at the request of the holder thereof for cash equal to the value of one share of the Company&#146;s Common Stock, $.01 par value (the &#147;Common Stock&#148;), based on the average of the market price for the 10 trading days immediately preceding the notice date of such redemption, provided that the Company at its option may elect to acquire any such Common Units presented for redemption
for cash or one share of Common Stock. The Common Units owned by the Company are not redeemable. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Basis of Presentation</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (&#147;GAAP&#148;). As more fully described in Note 10, the Consolidated Statement of Income for the three months ended March&nbsp;31,&nbsp;2008 was revised from previously reported amounts to reflect in discontinued operations the operations for those properties sold during 2008 and the first three months of 2009 which qualified for discontinued operations presentation. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Effective January&nbsp;1,&nbsp;2009, we adopted SFAS No. 160, &#147;Noncontrolling Interests in Consolidated Financial Statements &#150; an amendment of ARB No. 51&#148; (&#147;SFAS No. 160&#148;), which defines a noncontrolling interest in a consolidated subsidiary as the portion of the equity in a subsidiary not attributable, directly or indirectly, to the parent and requires noncontrolling interests to be presented as a separate component of capital in the consolidated balance sheet subject to the provisions of EITF D-98, &#147;Classification and Measurement of Redeemable Securities&#148; (&#147;EITF D-98&#148;). SFAS No. 160 also modifies the presentation of net income by requiring earnings and other comprehensive income to be attributable to controlling and noncontrolling interests. SFAS No. 160 requires retroactive treatment for all periods presented. Below are the steps we
have taken as a result of the implementation of this standard with respect to previously reported amounts:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align: justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>We have reclassified the noncontrolling interests in consolidated affiliates from the mezzanine section of our Consolidated Balance Sheet to equity. This reclassification totaled $6.2 million as of December&nbsp;31,&nbsp;2008.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:11.54%;text-align:justify;'><font size=2>&nbsp;</font></p>


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        <td width="7%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income attributable to noncontrolling interests in consolidated affiliates and the Operating Partnership are no longer deducted when determining net income. As a result, net income for the three months ended March&nbsp;31,&nbsp;2008 increased $1.1 million from the previously reported amounts. The adoption of this standard had no effect on our net income available for common stockholders or our earnings per common share.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>8</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC. </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per share data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>1<small>.</small></b></p> </td>
        <td width="95%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>DESCRIPTION</small> <small>OF</small> <small>BUSINESS</small> <small>AND</small> <small>SIGNIFICANT</small> <small>ACCOUNTING</small> <small>POLICIES</small> <small>-</small> <font size=2>Continued</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

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    <tr >
        <td width="7%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align: justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>As prescribed by EITF D-98, we adjusted noncontrolling interests in the Operating Partnership so that the carrying value equals the greater of historical cost or redemption value and continue to present it in the mezzanine section of our Consolidated Balance Sheets due to its redemption feature, as previously disclosed. As a result, noncontrolling interests in the Operating Partnership as of December&nbsp;31,&nbsp;2008 increased $45.6 million from the previously reported amount, with a corresponding decrease to additional paid in capital.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Effective January&nbsp;1,&nbsp;2009, we adopted FASB Staff Position EITF 03-6-1, &#147;Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities&#148; (&#147;FSP EITF 03-6-1&#148;). As a result, our weighted average common shares outstanding, basic and diluted, for the three months ended March&nbsp;31,&nbsp;2008 were revised from previously reported amounts to include our total number of restricted common shares outstanding. For the three months ended March&nbsp;31,&nbsp;2008, weighted average common shares outstanding, basic and diluted, are 487,343 and 365,274 shares higher than previously reported, respectively. Basic earnings per common share for the three months ended March&nbsp;31,&nbsp;2008 is $0.01 lower than previously reported. Diluted earnings per common share for the three months ended March&nbsp;31,&nbsp;2008 was unchanged from
the amount previously reported.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The Consolidated Financial Statements include the Operating Partnership, wholly owned subsidiaries and those subsidiaries in which we own a majority voting interest with the ability to control operations and where no substantive participating rights or substantive kick out rights have been granted to the noncontrolling interest holders. All significant intercompany transactions and accounts have been eliminated.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The unaudited interim consolidated financial statements and accompanying unaudited consolidated financial information, in the opinion of management, contain all adjustments (including normal recurring accruals) necessary for a fair presentation of our financial position, results of operations and cash flows. We have omitted certain notes and other information from the interim consolidated financial statements presented in this Quarterly Report on Form 10-Q as permitted by SEC rules and regulations. These consolidated financial statements should be read in conjunction with our 2008 Annual Report on Form 10-K. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Use of Estimates</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The preparation of consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Income Taxes</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>We have elected and expect to continue to qualify as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. A corporate REIT is a legal entity that holds real estate assets and, through the payment of dividends to stockholders, is generally permitted to reduce or avoid the payment of federal and state income taxes. To maintain qualification as a REIT, we are required to pay dividends to our stockholders equal to at least 90.0% of our annual REIT taxable income, excluding capital gains. As a REIT, we will not be subject to federal and state income taxes if we distribute at least 100.0% of our taxable income (ordinary income and capital gains, if any) to our stockholders. Under temporary IRS regulations, for 2009, distributions can be paid partially using a REIT&#146;s freely tradable stock so long as stockholders have the option of receiving at least 10% of
the total distribution in cash.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Noncontrolling Interests</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>We adopted SFAS No. 160 on January&nbsp;1,&nbsp;2009, as described previously, which establishes accounting and presentation standards for noncontrolling interests in subsidiaries.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>9</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC. </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per share data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="5%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>1<small>.</small></b></p> </td>
        <td width="95%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>DESCRIPTION</small> <small>OF</small> <small>BUSINESS</small> <small>AND</small> <small>SIGNIFICANT</small> <small>ACCOUNTING</small> <small>POLICIES</small> <small>-</small> <font size=2>Continued</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Noncontrolling interests in the Operating Partnership in the accompanying Consolidated Financial Statements relates to the ownership by various individuals and entities other than the Company of Common Units in the Operating Partnership. As of March&nbsp;31,&nbsp;2009, noncontrolling interests in the Operating Partnership consisted of approximately 4.1 million Common Units. Net income attributable to noncontrolling interests in the Operating Partnership is computed by applying the weighted average percentage of Common Units not owned by the Company during the period (as a percent of the total number of outstanding Common Units) to the Operating Partnership&#146;s net income for the period after deducting distributions on Preferred Units. When a noncontrolling unitholder redeems a Common Unit for a share of Common Stock or cash, the noncontrolling interests in the Operating Partnership is
reduced and the Company&#146;s share in the Operating Partnership is increased by the fair value of each redeemed security. The following table sets forth noncontrolling interests in the Operating Partnership:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:.1pt;border-collapse:collapse'>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended </font></b><br> <b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Beginning noncontrolling interests in the Operating Partnership</font>                                                                                                                                                         </p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="54" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>111,278</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>119,195</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Adjustments to noncontrolling interests in the Operating Partnership</font>                                                                                                     </p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(23,136</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,623</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Redemptions of noncontrolling interest partnership units</font>                                                                                                                                                              </p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(3,293</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Net income attributable to noncontrolling interests in the Operating Partnership</font>                                                  </p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>694</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>893</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Distributions to noncontrolling interests in the Operating Partnership</font>                                                                                                   </p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(1,717</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(1,679</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Total noncontrolling interests in the Operating Partnership</font>                                                                                                                              </p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="54" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>87,119</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>122,739</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Noncontrolling interests in consolidated affiliates relates to our respective joint venture partners&#146; 50.0% interest in Highwoods-Markel Associates, LLC (&#147;Markel&#148;) and estimated 19.5% economic interest in Plaza Residential, LLC (&#147;Plaza Residential&#148;). Each of our joint venture partners is an unrelated third party. We consolidate Markel since we are the general partner and effectively control the major operating and financial policies of the joint venture. We consolidate Plaza Residential since we own the majority interest in and effectively control the joint venture. The following table sets forth noncontrolling interests in consolidated affiliates:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:.1pt;border-collapse:collapse'>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended </font></b><br> <b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Beginning noncontrolling interests in consolidated affiliates</font>                                                                                                                                                                              </p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="54" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,176</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,804</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Net income attributable to noncontrolling interests in consolidated affiliates</font>                                                                       </p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>18</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>198</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Distributions to noncontrolling interests in consolidated affiliates</font>                                                                                                                        </p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(4</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(258</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Total noncontrolling interests in consolidated affiliates</font>                                                                                                                                                   </p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="54" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,190</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,744</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Recently Issued Accounting Standards</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In April 2009, the FASB issued FASB Staff Position FAS No. 107-1 and APB No. 28-1, &#147;Interim Disclosures about Fair Value of Financial Instruments&#148; (&#147;FSP FAS 107-1&#148;), which requires disclosures of the fair value of financial instruments for interim reporting periods and is effective for interim reporting periods ending after June&nbsp;15,&nbsp;2009. We plan to adopt FSP FAS 107-1 on July&nbsp;1,&nbsp;2009 and provide disclosures about the fair value of financial instruments for each reporting period subsequent to adoption.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>10</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC. </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per share data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="5%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>1<small>.</small></b></p> </td>
        <td width="95%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>DESCRIPTION</small> <small>OF</small> <small>BUSINESS</small> <small>AND</small> <small>SIGNIFICANT</small> <small>ACCOUNTING</small> <small>POLICIES</small> <small>-</small> <font size=2>Continued</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In April 2009, the FASB issued FASB Staff Position FAS No. 115-2 and FAS No. 124-2, &#147;Recognition and Presentation of Other-Than-Temporary Impairments&#148; (&#147;FSP FAS 115-2&#148;), which amends the other-than-temporary impairment guidance for debt securities related to the recognition, measurement and disclosure of other-than-temporary impairments and is effective for interim reporting periods ending after June&nbsp;15,&nbsp;2009. We plan to adopt FSP&nbsp;FAS&nbsp;115-2 on July&nbsp;1,&nbsp;2009 and do not believe that it will have a material impact on our financial position or results of operations subsequent to adoption.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In April 2009, the FASB issued FASB Staff Position FAS No. 157-4, &#147;Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Indentifying Transactions That Are Not Orderly&#148; (&#147;FSP FAS 157-4&#148;), which provides guidance on determining fair value when market activity has decreased and is effective for interim reporting periods ending after June&nbsp;15,&nbsp;2009. We plan to adopt FSP FAS 157-4 on July&nbsp;1,&nbsp;2009 and do not believe that it will have a material impact on our financial position or results of operations subsequent to adoption.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="5%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>2<small>.</small></b></p> </td>
        <td width="95%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>INVESTMENTS</small> <small>IN</small> <small>UNCONSOLIDATED</small> <small>AFFILIATES</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>We have retained equity interests ranging from 12.5% to 50.0% in various joint ventures with unrelated third parties. We account for our unconsolidated joint ventures using the equity method of accounting. As a result, the assets and liabilities of these joint ventures for which we use the equity method of accounting are not included in our Consolidated Balance Sheets. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The combined, summarized income statements for our unconsolidated joint ventures were as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended </font></b><br> <b><font size=1>March 31,</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Income Statements:</font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><b><font size=2>Revenues</font></b>                                                                                                                                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>38,869</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>38,529</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Expenses: </font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:60.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Rental property and other expenses</font>                                                                                                                                                                                                                                                  </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>18,640</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>18,431</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:60.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Depreciation and amortization</font>                                                                                                                                                                                                                                                                            </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,872</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,458</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:60.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Interest expense</font>                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,975</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,487</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:80.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total expenses</font>                                                                                                                                                                                                                                                                                                                           </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>36,487</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>34,376</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><b><font size=2>Net income</font></b>                                                                                                                                                                                                                                                                                                                                                                                                 </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,382</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,153</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Our share of:</font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Net income </font><b><font size=1>(1)</font></b><font size=2> </font>                                                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,300</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,989</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Depreciation and amortization of real estate assets</font>                                                                                                                                                                                                      </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,250</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,935</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Interest expense</font>                                                                                                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,578</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,529</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Our share of net income differs from our weighted average ownership percentage in the joint ventures&#146; net income due to our purchase accounting and other related adjustments.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC. </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per share data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

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    <tr >
        <td width="5%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>3<small>.</small></b></p> </td>
        <td width="95%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>INVESTMENT</small> <small>ACTIVITIES</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Development</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Development in process as of March&nbsp;31,&nbsp;2009 includes three office properties aggregating 358,000 rentable square feet and 75 acres of vacant land undergoing infrastructure improvements. The aggregate cost, including leasing commissions, of the three buildings currently is expected to be $82.2 million when fully leased and completed, of which $62.2 million had been incurred as of March&nbsp;31,&nbsp;2009. The dollar weighted average pre-leasing of these development projects was approximately 71% as of March&nbsp;31,&nbsp;2009.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>We currently have four office properties and one industrial property recently completed, but not yet stabilized, aggregating 865,000 square feet. We consider the stabilization date to be the earlier of the originally anticipated stabilization date or when 95% occupancy is achieved. The aggregate cost, including leasing commissions, of these properties currently is expected to be $156.2 million when fully leased, of which $139.5 million had been incurred as of March&nbsp;31,&nbsp;2009. The dollar weighted average occupancy of these properties was approximately 67% as of March&nbsp;31,&nbsp;2009. The components of these properties are included in land, building and tenant improvements and deferred financing and leasing costs in our Consolidated Balance Sheet as of March&nbsp;31,&nbsp;2009. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>For-Sale Residential Condominiums</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In 2007, we and Dominion Partners, LLC formed Plaza Residential. We retained a majority interest in the joint venture, which was formed to develop and sell 139 for-sale residential condominiums constructed above an office tower developed by us in Raleigh, NC. For-sale residential condominiums in our Consolidated Balance Sheets include our completed, but unsold, condominium inventory as of March&nbsp;31,&nbsp;2009 and December&nbsp;31,&nbsp;2008. For the three months ended March&nbsp;31,&nbsp;2009, we sold eight condominiums for net sales proceeds of $3.2 million, and recorded gains of $0.3 million. Net sales proceeds include forfeitures of earnest money deposits of $0.3 million for the three months ended March&nbsp;31,&nbsp;2009. We recognize forfeiture of earnest money deposits into income when entitled to claim the forfeited deposit upon legal default. Net income attributable to
noncontrolling interests in consolidated affiliates in our Consolidated Statement of Income includes our partner&#146;s economic share of the net income of the joint venture of $(0.2) million for the three months ended March&nbsp;31,&nbsp;2009. Our partners&#146; economic share of net income is negative this period since our estimate of our partner&#146;s economic ownership decreased from 25.0% as of December&nbsp;31,&nbsp;2008 to 19.5% as of March&nbsp;31,&nbsp;2009. There were no condominium sales or forfeitures of deposits during the three months ended March&nbsp;31,&nbsp;2008.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

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    <tr >
        <td width="5%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>4<small>.</small></b></p> </td>
        <td width="95%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>DEFERRED</small> <small>FINANCING</small> <small>AND</small> <small>LEASING</small> <small>COSTS</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>As of March&nbsp;31,&nbsp;2009 and December&nbsp;31,&nbsp;2008, we had deferred financing costs of $14.7 million, with related accumulated amortization of $8.4 million and $7.8 million, respectively. As of March&nbsp;31,&nbsp;2009 and December&nbsp;31,&nbsp;2008, we had deferred leasing costs of $111.5 million and $111.1 million, respectively, with related accumulated amortization of $46.2 million and $44.8 million, respectively. Aggregate amortization expense (included in depreciation and amortization and amortization of deferred financing costs) for these intangibles for the three months ended March&nbsp;31,&nbsp;2009 and 2008 was $4.5 million and $4.4 million, respectively.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The estimated aggregate amortization expense for each of the next five succeeding fiscal years is as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:.1pt;border-collapse:collapse'>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:55.0pt;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Remainder of 2009 subsequent to March&nbsp;31,&nbsp;2009</font>       </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,763</font></p> </td>
        <td width="113" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:55.0pt;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0.5pt'><font size=2>2010</font>                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12,930</font></p> </td>
        <td width="113" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:55.0pt;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0.5pt'><font size=2>2011</font>                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10,766</font></p> </td>
        <td width="113" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:55.0pt;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0.5pt'><font size=2>2012</font>                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,971</font></p> </td>
        <td width="113" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:55.0pt;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0.5pt'><font size=2>2013</font>                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,624</font></p> </td>
        <td width="113" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:55.0pt;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0.5pt'><font size=2>2014</font>                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="50" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,338</font></p> </td>
        <td width="113" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>12</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC. </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per share data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="5%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>5<small>.</small></b></p> </td>
        <td width="95%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>MORTGAGES</small> <small>AND</small> <small>NOTES</small> <small>PAYABLE</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our consolidated mortgages and notes payable consisted of the following:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="99%" style='border-collapse:collapse'>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b><br> <b><font size=1>2009</font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>December 31,</font></b><br> <b><font size=1>2008</font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Secured mortgage loans</font>                                                                                                                                                                                                                                                                                                                                                            </p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="69" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>665,747</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="69" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:.6pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>655,186</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Unsecured loans</font>                                                                                                                                                                                                                                                                                                                                                                                            </p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="69" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>953,529</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="69" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>949,499</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Total</font>                                                                                                                                                                                                                                                                                                                                                                                                                      </p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="69" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,619,276</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="69" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,604,685</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>As of March&nbsp;31,&nbsp;2009, our secured mortgage loans were secured by real estate assets with an aggregate undepreciated book value of $1.1 billion.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our $450.0 million unsecured revolving credit facility is scheduled to mature on May&nbsp;1,&nbsp;2010. The interest rate is LIBOR plus 80 basis points and the annual base facility fee is 20 basis points. The interest rate would increase to LIBOR plus 140 or 155 basis points if our credit rating were to fall below investment grade according to two of three major credit rating agencies. Our revolving credit facility had $251.7 million of availability as of March&nbsp;31,&nbsp;2009 and had $250.7 million of availability as of May&nbsp;1,&nbsp;2009.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our $70.0 million secured construction facility is initially scheduled to mature on December&nbsp;20,&nbsp;2010. Assuming no defaults have occurred, we have options to extend the maturity date for two successive one-year periods. The interest rate is LIBOR plus 85 basis points. Our secured construction facility had $39.1 million of availability as of March&nbsp;31,&nbsp;2009 and had $34.6 million of availability as of May&nbsp;1,&nbsp;2009.</font><b><font size=2> </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In January&nbsp;2009, we paid off at maturity $50.0 million of 8.125% unsecured notes using borrowings under our revolving credit facility.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In March 2009, we obtained a $20.0 million, three-year unsecured term loan with a bank lender. The interest rate is LIBOR plus 250 basis points, subject to a minimum total interest rate of 3.9%.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our revolving credit facility, variable rate term loans and the indenture that governs the Operating Partnership&#146;s outstanding notes require us to comply with customary operating covenants and various financial and operating ratios. We and the Operating Partnership are each currently in compliance with all such requirements. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>13</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC. </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per share data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="5%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>6<small>.</small></b></p> </td>
        <td width="95%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>SHARE-BASED</small> <small>PAYMENTS</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>During the three months ended March&nbsp;31,&nbsp;2009, we granted under our Amended and Restated 1994 Stock Option Plan (the &#147;Stock Option Plan&#148;) 394,044 stock options at an exercise price equal to the closing market price of a share of our common stock on the date of grant. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, which resulted in a weighted-average grant date fair value per share of $1.80. During the three months ended March&nbsp;31,&nbsp;2009, we also granted 128,384 shares of time-based restricted stock and 99,910 shares of total return-based restricted stock with weighted-average grant date fair values per share of $19.33 and $10.13, respectively. We recorded stock-based compensation expense of $1.8 million and $2.2 million during the three months ended March&nbsp;31,&nbsp;2009 and 2008,
respectively. As of March&nbsp;31,&nbsp;2009, there was $12.2 million of total unrecognized stock-based compensation costs, which will be recognized over a weighted average remaining contractual term of 1.7 years.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="5%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>7<small>.</small></b></p> </td>
        <td width="95%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>DERIVATIVE</small> <small>INSTRUMENTS</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>To meet, in part, our liquidity requirements, we borrow funds at a combination of fixed and variable rates. Borrowings under our revolving credit facility, construction facility and bank term loans bear interest at variable rates. Our long-term debt, which consists of secured and unsecured long-term financings and the issuance of unsecured debt securities, typically bears interest at fixed rates although some loans bear interest at variable rates. Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flows and to lower our overall borrowing costs. To achieve these objectives, from time to time, we enter into interest rate hedge contracts such as collars, swaps, caps and treasury lock agreements in order to mitigate our interest rate risk with respect to various debt instruments. We do not hold or issue these derivative contracts
for trading or speculative purposes. The interest rate on all of our variable rate debt is generally adjusted at one or three month intervals, subject to settlements under these interest rate hedge contracts. We also enter into treasury lock agreements from time to time in order to limit our exposure to an increase in interest rates with respect to future debt offerings. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In prior periods, we entered into certain interest rate hedging arrangements which were designated and are being accounted for as cash flow hedges. The effective portion of these arrangements, representing deferred interest expense, was $0.8 million as of March&nbsp;31,&nbsp;2009 and is included in Accumulated Other Comprehensive Loss (&#147;AOCL&#148;). This deferred expense will be recognized as an addition to interest expense in the same periods during which interest expense on the hedged financings affects net income. We expect approximately $0.2 million will be recognized as a decrease to interest expense within the next 12 months. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In January 2008, we entered into two floating-to-fixed interest rate swaps for a one-year period with respect to an aggregate of $50.0 million of borrowings outstanding under our revolving credit facility or other floating rate debt. These swaps fix the underlying LIBOR rate upon which interest on such borrowings is based at 3.26% for $30.0 million of borrowings and 3.24% for $20.0 million of borrowings. These swaps were designated and accounted for as cash flow hedges and matured in January 2009.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>14</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC. </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per share data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="5%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>7<small>.</small></b></p> </td>
        <td width="95%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>DERIVATIVE</small> <small>INSTRUMENTS</small> <small>-</small> <font size=2>Continued</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In April 2008, we entered into a floating-to-fixed interest rate swap for a two-year period with respect to an aggregate of $50.0 million of borrowings outstanding under our term loan or other floating rate debt. The swap fixes the underlying LIBOR rate upon which interest on such borrowings is based at 2.52%. The counterparty under this swap is Bank of America, N.A. The swap was designated and is being accounted for as a cash flow hedge. The effective portion of the swap representing deferred interest expense was $0.9 million as of March&nbsp;31,&nbsp;2009 and is included in AOCL. We expect all of the balance to be recognized as an increase to interest expense within the next 12 months.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In October&nbsp;2008, we entered into a floating-to-fixed interest rate swap for a one-year period with respect to an aggregate of $25.0 million of borrowings outstanding under our term loan or other floating rate debt. The swap fixes the underlying LIBOR rate upon which interest on such borrowings is based at 2.35%. The counterparty under this swap is PNC Bank, N.A. The swap was designated and is being accounted for as a cash flow hedge. The effective portion of the swap representing deferred interest expense was $0.2 million as of March&nbsp;31,&nbsp;2009 and is included in AOCL. We expect all of the balance to be recognized as an increase to interest expense within the next 12 months.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="5%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>8<small>.</small></b></p> </td>
        <td width="95%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>OTHER</small> <small>COMPREHENSIVE</small> <small>INCOME/(LOSS)</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Other comprehensive income/(loss) represents net income plus the changes in certain amounts deferred in accumulated other comprehensive income/(loss) related to hedging and other activities not reflected in the Consolidated Statements of Income. The components of other comprehensive income/(loss) are as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended</font></b><br> <b><font size=1>March 31,</font></b></p> </td>
        <td valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Net income</font>                                                                                                                                                                                                                                                                                                                                                                                                                                  </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,200</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,734</font></p> </td>
        <td valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Other comprehensive income/(loss):</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Unrealized loss on tax increment financing bonds</font>                                                                                                                                                                                                                       </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(34</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(561</font></p> </td>
        <td valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Unrealized derivative gains/(losses) on cash-flow hedges</font>                                                                                                                                                                                    </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>198</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(409</font></p> </td>
        <td valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Amortization of past cash flow hedges</font>                                                                                                                                                                                                                                                                       </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(70</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>80</font></p> </td>
        <td valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total other comprehensive income/(loss)</font>                                                                                                                                                                                                                                     </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>94</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(890</font></p> </td>
        <td valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:1.0in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Total comprehensive income</font>                                                                                                                                                                                                                                                                       </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,294</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,844</font></p> </td>
        <td valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'>&nbsp;</p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>15</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC. </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per share data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="33%" style='border-collapse:collapse'>
    <tr >
        <td width="11%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>9<small>.</small></b></p> </td>
        <td width="88%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>FAIR</small> <small>VALUE</small> <small>MEASUREMENTS</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The following summarizes the three levels of inputs that we use to measure fair value, as well as the assets, mezzanine noncontrolling interests and liabilities that we recognize at fair value using those levels of inputs.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><b><font size=2>Level 1.</font></b><font size=2> Quoted prices in active markets for identical assets or liabilities. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our Level 1 assets are comprised of investments in marketable securities which we use to pay benefits under our deferred compensation plan. Our Level&nbsp;1 noncontrolling interests in the Operating Partnership are comprised of Common Units in the Operating Partnership not owned by the Company. Our Level&nbsp;1 liabilities are our obligations to pay certain deferred compensation plan benefits whereby participants have designated investment options (primarily mutual funds) to serve as the basis for measurement of the notional value of their accounts.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><b><font size=2>Level 2.</font></b><font size=2> Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our Level 2 liabilities are interest rate swaps whose fair value is determined using a pricing model based upon observable market inputs. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><b><font size=2>Level 3.</font></b><font size=2> Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our Level 3 asset is our tax increment financing bond issued by a municipal authority in connection with our construction of a public parking facility that is not routinely traded but whose fair value is determined using an estimate of projected redemption value based on quoted bid/ask prices for similar unrated municipal bonds. These available for-sale securities are carried at estimated fair value in prepaid and other assets with unrealized gains or losses reported in accumulated other comprehensive loss. The estimated fair value as of March&nbsp;31,&nbsp;2009 was $2.7 million below the outstanding principal due on the bonds. We have the ability and intent to hold this bond until it recovers in value.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our Level 3 liability is our SF-HIW Harborview Plaza, LP financing obligation that is not traded but whose fair value is determined using an estimate of discounted cash flows dependent on future leasing assumptions for the property. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>16</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC. </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per share data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="5%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>9<small>.</small></b></p> </td>
        <td width="95%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>FAIR</small> <small>VALUE</small> <small>MEASUREMENTS</small> <small>-</small> <font size=2>Continued</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The following tables set forth the assets and liabilities as of March&nbsp;31,&nbsp;2009 that we measured at fair value on a recurring basis by level within the fair value hierarchy. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:.1pt;border-collapse:collapse'>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="8" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Fair Value Measurements Using</font></b></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align: center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Level 1</font></b></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Level 2</font></b></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Level 3</font></b></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align: center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><b><font size=1>Balance at</font></b><br> <b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b><br> <b><font size=1>2009</font></b></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><b><font size=1>Quoted Prices in</font></b><br> <b><font size=1>Active Markets</font></b><br> <b><font size=1>for Identical</font></b><br> <b><font size=1>Assets</font></b></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><b><font size=1>Significant</font></b><br> <b><font size=1>Other</font></b><br> <b><font size=1>Observable</font></b><br> <b><font size=1>Inputs</font></b></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Significant</font></b><br> <b><font size=1>Unobservable</font></b><br> <b><font size=1>Inputs</font></b></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Assets:</font></b></p> </td>
        <td width="13" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Marketable securities (in prepaid and other </font><br> <font size=2>assets) </font><b><font size=1>(1)</font></b></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,799</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,799</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Tax increment financing bond (in prepaid expenses</font><br> <font size=2>and other assets)</font></p> </td>
        <td width="13" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>17,434</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>17,434</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><b><font size=2>Total Assets</font></b></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>22,233</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,799</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>17,434</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td nowrap valign=top style=' height:.1in'>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=top style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='  height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='  height:.1in'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='  height:.1in'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=top style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='  height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:9.75pt'>
        <td nowrap valign=top style='background:#C6D9F1; height:9.75pt'>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><b><font size=2>Noncontrolling Interests in the Operating </font></b><br> <b><font size=2>Partnership</font></b></p> </td>
        <td width="13" valign=top style='background:#C6D9F1; height:9.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt;background:#C6D9F1; height:9.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:#C6D9F1; height:9.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>87,119</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1;height:9.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt;background:#C6D9F1; height:9.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:#C6D9F1; height:9.75pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>87,119</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1;height:9.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt;background:#C6D9F1; height:9.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:#C6D9F1; height:9.75pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=top style='background:#C6D9F1; height:9.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt;background:#C6D9F1; height:9.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt;background:#C6D9F1; height:9.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1;height:9.75pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td nowrap valign=top style=' height:.1in'>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=top style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='  height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='  height:.1in'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='  height:.1in'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=top style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='  height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Liabilities:</font></b></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Interest rate swaps (in accounts payable, accrued </font><br> <font size=2>expenses and other liabilities)</font></p> </td>
        <td width="13" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,179</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,179</font></p> </td>
        <td width="13" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Deferred compensation (in accounts payable, </font><br> <font size=2>accrued expenses and other liabilities)</font></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,368</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,368</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>SF-Harborview Plaza, LP financing obligation</font></p> </td>
        <td width="13" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,934</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,934</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><b><font size=2>Total Liabilities</font></b>                                                                                                                                                </p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>23,481</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,368</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,179</font></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,934</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="2%" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The marketable securities are held through our officer deferred compensation plans.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:.1pt;border-collapse:collapse'>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align: center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Fair Value</font></b><br> <b><font size=1>Measurements</font></b><br> <b><font size=1>Using </font></b><br> <b><font size=1>Significant</font></b><br> <b><font size=1>Unobservable</font></b><br> <b><font size=1>Inputs</font></b><br> <b><font size=1>(Level 3)</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Asset:</font></b></p> </td>
        <td width="14" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="65" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:30.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Tax Increment Financing Bond</font></b></p> </td>
        <td width="14" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="65" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:30.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Beginning balance as of December&nbsp;31,&nbsp;2008</font>                                                                                                                                                                               </p> </td>
        <td width="14" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="65" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>17,468</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Unrealized loss (in AOCL)</font>                                                                                                                                                                                                                                                                                                                                                              </p> </td>
        <td width="14" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="65" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(34</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:30.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Ending balance as of March&nbsp;31,&nbsp;2009</font>                                                                                                                                                                                                             </p> </td>
        <td width="14" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="65" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>17,434</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:5.05pt'>
        <td nowrap valign=top style=' height:5.05pt'>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=top style=' height:5.05pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='height:5.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="65" nowrap valign=bottom style='  height:5.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style=' height:5.05pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Liability:</font></b></p> </td>
        <td width="14" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="65" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:30.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>SF-Harborview Plaza, LP Financing Obligation</font></b></p> </td>
        <td width="14" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="65" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:30.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Beginning balance as of December&nbsp;31,&nbsp;2008</font>                                                                                                                                                                               </p> </td>
        <td width="14" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="65" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,604</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Payments on financing obligation</font>                                                                                                                                                                                                                                                                                                                                 </p> </td>
        <td width="14" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="65" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(110</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Interest expense on financing obligation</font>                                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="14" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="65" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>440</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:30.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Ending balance as of March&nbsp;31,&nbsp;2009</font>                                                                                                                                                                                                             </p> </td>
        <td width="14" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="65" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,934</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>17</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC. </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per share data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="32%" style='border-collapse:collapse'>
    <tr >
        <td width="11%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>10<small>.</small></b></p> </td>
        <td width="88%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>DISCONTINUED</small> <small>OPERATIONS</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>As part of our business strategy, we will from time to time selectively dispose of non-core properties in order to use the net proceeds for investments, for repayment of debt and/or retirement of Preferred Stock, or other purposes. The table below sets forth the net operating results of those assets classified as discontinued operations in our Consolidated Financial Statements. These assets classified as discontinued operations comprise 0.7 million square feet of office and industrial properties and 13 rental residential units sold during 2008 and the three months ended March&nbsp;31,&nbsp;2009. The operations of these assets have been reclassified from our ongoing operations to discontinued operations, and we will not have any significant continuing involvement in the operations after the disposal transactions:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended</font></b><br> <b><font size=1>March 31,</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Rental and other revenues</font></b>                                                                                                                                                                                                                                                                                                                                                                    </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,858</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Operating expenses:</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Rental property and other expenses</font>                                                                                                                                                                                                                                                                                         </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>836</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Depreciation and amortization</font>                                                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>361</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Total operating expenses</font>                                                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,197</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><b><font size=2>Other income</font></b>                                                                                                                                                                                                                                                                                                                                                                                                                               </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><b><font size=2>Income before gains on sales of discontinued operations</font></b>                                                                                                                                                                                                                     </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>670</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Gains on sales of discontinued operations</font>                                                                                                                                                                                                                                                             </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>73</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,726</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><b><font size=2>Total discontinued operations</font></b>                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>73</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,396</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="27%" style='border-collapse:collapse'>
    <tr >
        <td width="14%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>11<small>.</small></b></p> </td>
        <td width="85%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>EARNINGS</small> <small>PER</small> <small>SHARE</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Effective January&nbsp;1,&nbsp;2009, we adopted FSP EITF 03-6-1, which required us to retroactively revise our weighted average common shares outstanding, basic and diluted, to include our total number of restricted common shares outstanding.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>18</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC. </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per share data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="38%" style='border-collapse:collapse'>
    <tr >
        <td width="10%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>11<small>.</small></b></p> </td>
        <td width="89%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>EARNINGS</small> <small>PER</small> <small>SHARE</small> <small>-</small> <font size=2>Continued</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The following table sets forth the computation of basic and diluted earnings per common share:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
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        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended</font></b><br> <b><font size=1>March 31,</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:4.45pt'>
        <td valign=top style=' height:4.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style=' height:4.45pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; height:4.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="12" valign=bottom style=' height:4.45pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; height:4.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="14" valign=bottom style=' height:4.45pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Earnings per common share - basic:</font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Numerator:</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Income from continuing operations</font>                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,127</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12,338</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Noncontrolling interests in the Operating Partnership</font>                                                                                                                                                                                                  </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(690</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(606</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Noncontrolling interests in consolidated affiliates</font>                                                                                                                                                                                                                       </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(18</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(198</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Dividends on preferred stock</font>                                                                                                                                                                                                                                                                                                                      </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(1,677</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(2,838</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Income from continuing operations available for common stockholders</font>                                                                                         </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10,742</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,696</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Income from discontinued operations</font>                                                                                                                                                                                                                                                                               </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>73</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,396</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Noncontrolling interests in the Operating Partnership from discontinued operations</font>                                                  </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(4</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(287</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Income from discontinued operations available for common stockholders</font>                                                                              </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>69</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,109</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Net income available for common stockholders</font>                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10,811</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12,805</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Denominator:</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Denominator for basic earnings per common share &#150; weighted average shares</font>                               </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: double black 2.25pt;background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent: 3.0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>63,631</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: double black 2.25pt;background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>57,217</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:6.3pt'>
        <td nowrap valign=top style=' height:6.3pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Earnings per common share - basic:</font></p> </td>
        <td width="11" valign=bottom style=' height:6.3pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style=' height:6.3pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' height:6.3pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=bottom style=' height:6.3pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style=' height:6.3pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' height:6.3pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style=' height:6.3pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Income from continuing operations available for common stockholders</font>                                                                                                                 </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.17</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.15</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Income from discontinued operations available for common stockholders</font>                                                                                                      </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.07</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Net income available for common stockholders</font>                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.17</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.22</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Earnings per common share - diluted:</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Numerator:</font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Income from continuing operations</font>                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,127</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12,338</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Noncontrolling interests in consolidated affiliates</font>                                                                                                                                                                                                                       </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(18</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(198</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Dividends on preferred stock</font>                                                                                                                                                                                                                                                                                                                      </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(1,677</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(2,838</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Income from continuing operations available for common stockholders</font>                                                                                         </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,432</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,302</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Income from discontinued operations</font>                                                                                                                                                                                                                                                                               </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>73</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,396</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Net income available for common stockholders</font>                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,505</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,698</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Denominator:</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Denominator for basic earnings per common share &#150; weighted average shares</font>                                                                                                                                                                                                                                                                                                                                                                                                            </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>63,631</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>57,217</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Add:</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Employee and director stock options and warrants</font>                                                                                                                                                                                                               </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>232</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Noncontrolling Common Units</font>                                                                                                                                                                                                                                                                                                             </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,067</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,967</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Denominator for diluted earnings per common share &#150; adjusted weighted average shares </font><br> <font size=2>and assumed conversions </font><b><font size=1>(1)</font></b>                                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>67,705</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>61,416</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Earnings per common share - diluted:</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Income from continuing operations available for common stockholders</font>                                                                                                                 </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.17</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.15</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Income from discontinued operations available for common stockholders</font>                                                                                                      </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.07</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Net income available for common stockholders</font>                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.17</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.22</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;line-height:60%;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Options and warrants aggregating 1.4 and 0.4 million shares were outstanding during the three months ended March&nbsp;31,&nbsp;2009 and 2008, respectively, but were not included in the treasury method calculation for diluted earnings per common share because the exercise prices of the options and warrants were higher than the average market price of Common Stock during these periods. </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>19</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC. </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per share data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>12<small>.</small></b></p> </td>
        <td width="86%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>SEGMENT</small> <small>INFORMATION</small></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our principal business is the acquisition, development and operation of rental real estate properties. We evaluate our business by product type and by geographic locations. Each product type has different customers and economic characteristics as to rental rates and terms, cost per square foot of buildings, the purposes for which customers use the space, the degree of maintenance and customer support required and customer dependency on different economic drivers, among others. The operating results by geographic grouping are also regularly reviewed by our chief operating decision maker for assessing performance and other purposes. There are no material inter-segment transactions. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The accounting policies of the segments are the same as those described in Note 1 included herein. All operations are within the United States and, as of March&nbsp;31,&nbsp;2009, no tenant of the Wholly Owned Properties comprised more than 7.4% of our consolidated revenues. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The following table summarizes the rental income and net operating income for each reportable segment:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended</font></b><br> <b><font size=1>March 31,</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Rental and Other Revenues: </font><font size=1>(1) (2) (3)</font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Office:</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Atlanta, GA</font>                                                                                                                                                                                                                                                                                                                                                                        </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,503</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,557</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Greenville, SC</font>                                                                                                                                                                                                                                                                                                                                                               </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,639</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,262</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Kansas City, MO</font>                                                                                                                                                                                                                                                                                                                                             </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,748</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,684</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Memphis, TN</font>                                                                                                                                                                                                                                                                                                                                                              </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,034</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,134</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Nashville, TN</font>                                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,407</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>14,777</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Orlando, FL</font>                                                                                                                                                                                                                                                                                                                                                                         </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,951</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,407</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Piedmont Triad, NC</font>                                                                                                                                                                                                                                                                                                                                  </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,545</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,624</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Raleigh, NC</font>                                                                                                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>18,354</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>18,527</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Richmond, VA</font>                                                                                                                                                                                                                                                                                                                                                            </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,714</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,593</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Tampa, FL</font>                                                                                                                                                                                                                                                                                                                                                                              </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,545</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,830</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:40.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total Office Segment</font>                                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>97,440</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>94,395</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Industrial:</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Atlanta, GA</font>                                                                                                                                                                                                                                                                                                                                                                        </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,941</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,087</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Piedmont Triad, NC</font>                                                                                                                                                                                                                                                                                                                                  </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,377</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,708</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:40.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total Industrial Segment</font>                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,318</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,795</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Retail:</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Kansas City, MO</font>                                                                                                                                                                                                                                                                                                                                             </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,742</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10,795</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Piedmont Triad, NC</font>                                                                                                                                                                                                                                                                                                                                  </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>143</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>140</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Raleigh, NC</font>                                                                                                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>30</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total Retail Segment</font>                                                                                                                                                                                                                                                                                                     </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,915</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10,935</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Residential:</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Kansas City, MO</font>                                                                                                                                                                                                                                                                                                                                             </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>293</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>303</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:40.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total Residential Segment</font>                                                                                                                                                                                                                                                                            </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>293</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>303</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Total Rental and Other Revenues</font>                                                                                                                                                                                                                                                                                                                         </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>115,966</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>113,428</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:3pt; margin-left:3.85%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>20</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS PROPERTIES, INC. </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per share data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="40%" style='border-collapse:collapse'>
    <tr >
        <td width="9%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>12<small>.</small></b></p> </td>
        <td width="90%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>SEGMENT</small> <small>INFORMATION</small> <small>-</small> <font size=2>Continued</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended</font></b><br> <b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Net Operating Income: </font><font size=1>(1) (2) (3)</font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Office:</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Atlanta, GA</font>                                                                                                                                                                                                                                                                                                                                                                        </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,975</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,509</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Greenville, SC</font>                                                                                                                                                                                                                                                                                                                                                               </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,284</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,050</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Kansas City, MO</font>                                                                                                                                                                                                                                                                                                                                             </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,244</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,138</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Memphis, TN</font>                                                                                                                                                                                                                                                                                                                                                              </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,017</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,526</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Nashville, TN</font>                                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,838</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,922</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Orlando, FL</font>                                                                                                                                                                                                                                                                                                                                                                         </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,571</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,427</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Piedmont Triad, NC</font>                                                                                                                                                                                                                                                                                                                                  </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,168</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,311</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Raleigh, NC</font>                                                                                                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12,211</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12,828</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Richmond, VA</font>                                                                                                                                                                                                                                                                                                                                                            </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,993</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,089</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Tampa, FL</font>                                                                                                                                                                                                                                                                                                                                                                              </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,875</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,502</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Other</font>                                                                                                                                                                                                                                                                                                                                                                                                        </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(2</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(21</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total Office Segment</font>                                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>61,174</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>61,281</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Industrial:</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Atlanta, GA</font>                                                                                                                                                                                                                                                                                                                                                                        </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,058</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,183</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Piedmont Triad, NC</font>                                                                                                                                                                                                                                                                                                                                  </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,550</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,927</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total Industrial Segment</font>                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,608</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,110</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Retail:</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Atlanta, GA</font>                                                                                                                                                                                                                                                                                                                                                                        </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(6</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(5</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Kansas City, MO</font>                                                                                                                                                                                                                                                                                                                                             </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,120</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,194</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Piedmont Triad, NC</font>                                                                                                                                                                                                                                                                                                                                  </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>110</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>114</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Raleigh, NC</font>                                                                                                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(23</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total Retail Segment</font>                                                                                                                                                                                                                                                                                                     </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,226</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,280</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Residential:</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Kansas City, MO</font>                                                                                                                                                                                                                                                                                                                                             </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>170</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>194</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Raleigh, NC</font>                                                                                                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(9</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(11</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total Residential Segment</font>                                                                                                                                                                                                                                                                            </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>161</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>183</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total Net Operating Income</font>                                                                                                                                                                                                                                                                                                                                                 </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>74,169</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>74,854</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Reconciliation to income before disposition of property and condominiums and equity in </font></b><br> <b><font size=2>earnings of unconsolidated affiliates:</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Depreciation and amortization</font>                                                                                                                                                                                                                                                                                                            </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(33,424</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(30,748</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>General and administrative expense</font>                                                                                                                                                                                                                                                                                     </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(8,315</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(9,711</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Interest expense</font>                                                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(21,976</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(24,841</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Interest and other income</font>                                                                                                                                                                                                                                                                                                                                    </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,007</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>795</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Income before disposition of property and condominiums and equity in earnings of </font><br> <font size=2>unconsolidated affiliates</font>                                                                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,461</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10,349</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td  valign=top style='padding:3.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Net of discontinued operations.</font></p> </td> </tr></table>
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        <td width="3%" valign=top style='padding:3.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td  valign=top style='padding:3.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Piedmont Triad market encompasses the Greensboro and Winston-Salem metropolitan area.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(3)</font></p> </td>
        <td  valign=top style='padding:3.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Raleigh market encompasses the Raleigh, Durham, Cary and Research Triangle metropolitan area.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>22</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP</font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small><A NAME="TOC9"></A>CONSOLIDATED</small> <small>BALANCE</small> <small>SHEETS</small></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>(Unaudited and in thousands, except unit and per unit amounts)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="99%" style='margin-left:.1pt;border-collapse:collapse'>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b><br> <b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>December</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b><br> <b><font size=1>2008</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Assets:</font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Real estate assets, at cost:</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:.5in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Land</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>354,629</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>352,872</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:.5in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Buildings and tenant improvements</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,831,001</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,819,844</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:.5in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Development in process</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>70,808</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>61,938</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:.5in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Land held for development</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>98,946</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>98,946</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,355,384</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,333,600</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:.75in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Less-accumulated depreciation</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(734,944</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(714,224</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:1.0in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Net real estate assets</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,620,440</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,619,376</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>For-sale residential condominiums</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>21,423</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>24,284</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Real estate and other assets, net, held for sale</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,242</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,242</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Cash and cash equivalents</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>7,733</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,649</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Restricted cash</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,781</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,258</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Accounts receivable, net of allowance of $2,104 and $1,281, respectively</font>                                                                               </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>16,748</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>23,687</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Notes receivable, net of allowance of $400 and $459, respectively</font>                                                                                                                 </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,447</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,602</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Accrued straight-line rents receivable, net of allowance of $2,274 and $2,082, respectively</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>81,513</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>79,979</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Investment in unconsolidated affiliates</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>66,438</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>66,517</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Deferred financing and leasing costs, net of accumulated amortization of $54,554 and $52,586, respectively</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>71,607</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>73,216</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Prepaid expenses and other assets</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>35,967</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>37,046</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:1.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>Total Assets</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="61" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,929,339</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,944,856</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:4.5pt'>
        <td nowrap valign=top style=' height:4.5pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style=' height:4.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='height:4.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='  height:4.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style=' height:4.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:double black 2.25pt; height:4.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' border-top:double black 2.25pt;height:4.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style=' height:4.5pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Liabilities, Redeemable Operating Partnership Units and Equity:</font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Mortgages and notes payable</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,619,276</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,604,685</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Accounts payable, accrued expenses and other liabilities</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>121,284</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>135,606</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Financing obligations</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>34,509</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>34,174</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:1.0in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Total Liabilities</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,775,069</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,774,465</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Commitments and Contingencies </font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Redeemable Operating Partnership Units:</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Common Units, 4,067,163 outstanding at both March&nbsp;31,&nbsp;2009 and December&nbsp;31,&nbsp;2008</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>87,119</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>111,278</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Series A Preferred Units (liquidation preference $1,000 per unit), 29,092 shares issued and </font><br> <font size=1>outstanding at both March&nbsp;31,&nbsp;2009 and December&nbsp;31,&nbsp;2008</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>29,092</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>29,092</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Series B Preferred Units (liquidation preference $25 per unit), 2,100,000 shares issued and </font><br> <font size=1>outstanding at both March&nbsp;31,&nbsp;2009 and December&nbsp;31,&nbsp;2008</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>52,500</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>52,500</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:1.0in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Total Redeemable Operating Partnership Units</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>168,711</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>192,870</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Equity:</font></p> </td>
        <td valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Common Units:</font></p> </td>
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:1.0in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>General partner Common Units, 674,209 and 672,301 outstanding at March&nbsp;31,&nbsp;2009 and </font><br> <font size=1>December&nbsp;31,&nbsp;2008, respectively</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>9,837</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>9,759</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:1.0in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Limited partner Common Units, 62,679,557 and 62,490,596 outstanding at March&nbsp;31,&nbsp;2009 and </font><br> <font size=1>December&nbsp;31,&nbsp;2008, respectively</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>974,230</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>966,378</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:.5in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Accumulated other comprehensive loss</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(4,698</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(4,792</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Noncontrolling interests in consolidated affiliates</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>6,190</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>6,176</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:1.25in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Total Equity</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>985,559</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="61" nowrap valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>977,521</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:1.5in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>Total Liabilities, Redeemable Operating Partnership Units and Equity</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="61" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,929,339</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="61" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,944,856</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>See accompanying notes to consolidated financial statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>23</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>





<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP</font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small><A NAME="TOC10"></A>CONSOLIDATED</small> <small>STATEMENTS</small> <small>OF</small> <small>INCOME</small></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>(Unaudited and in thousands, except per unit amounts)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:.1pt;border-collapse:collapse'>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended </font></b><br> <b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="9" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Rental and other revenues</font></b></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>115,966</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>113,428</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Operating expenses: </font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Rental property and other expenses</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>41,641</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>38,424</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Depreciation and amortization</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>33,424</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>30,748</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>General and administrative</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>8,471</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>9,858</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:60.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Total operating expenses</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>83,536</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>79,030</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Interest expense: </font></b></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Contractual</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>20,579</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>23,463</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Amortization of deferred financing costs</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>662</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>638</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Financing obligations</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>735</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>740</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>21,976</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>24,841</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Other income: </font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Interest and other income</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,007</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>795</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,007</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>795</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Income before disposition of property and condominiums and equity in earnings of </font></b></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>unconsolidated affiliates</font></b></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>11,461</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>10,352</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Net gains on disposition of property</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>19</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Gains on for-sale residential condominiums</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>347</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Equity in earnings of unconsolidated affiliates</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,263</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,973</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Income from continuing operations</font></b></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,090</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>12,325</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Discontinued operations:</font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:60.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Income from discontinued operations</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>670</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:60.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Net gains on sales of discontinued operations</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>73</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,726</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>73</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>4,396</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Net income</font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,163</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>16,721</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Net income attributable to noncontrolling interests in consolidated affiliates</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(18</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(198</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Distributions on preferred units</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,677</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(2,838</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><b><font size=1>Net income available for common unitholders</font></b></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>11,468</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,685</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Earnings per common unit - basic:</font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Income from continuing operations available for common unitholders</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.17</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.16</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Income from discontinued operations available for common unitholders</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.07</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>Net income available for common unitholders</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.17</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.23</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>Weighted average common units outstanding - basic</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>67,289</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>60,775</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Earnings per common unit - diluted:</font></b></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Income from continuing operations available for common unitholders</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.17</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.15</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Income from discontinued operations available for common unitholders</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.07</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>Net income available for common unitholders</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.17</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.22</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>Weighted average common units outstanding - diluted</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>67,296</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>61,007</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>Distributions declared per common unit</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.425</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>0.425</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=1>Net income available for common unitholders:</font></b></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Income from continuing operations available for common unitholders</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>11,395</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>9,289</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Income from discontinued operations available for common unitholders</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>73</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>4,396</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>Net income available for common unitholders</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>11,468</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="55" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,685</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>See accompanying notes to consolidated financial statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>24</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>





<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP</font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small><A NAME="TOC11"></A>CONSOLIDATED</small> <small>STATEMENT</small> <small>OF</small> <small>EQUITY</small></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>Three Months Ended March</font></b><font size=2>&nbsp;</font><b><font size=2>31,</font></b><font size=2>&nbsp;</font><b><font size=2>2009</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>(Unaudited and in thousands)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Common Units</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>General</font></b><br> <b><font size=1>Partner</font></b></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Limited</font></b><br> <b><font size=1>Partner</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Accumulated</font></b><br> <b><font size=1>Other </font></b><br> <b><font size=1>Comprehensive</font></b><br> <b><font size=1>Loss</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Noncontrolling</font></b><br> <b><font size=1>Interests in</font></b><br> <b><font size=1>Consolidated</font></b><br> <b><font size=1>Affiliates</font></b></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Total</font></b><br> <b><font size=1>Capital</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:10.0pt;text-indent:-10.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Balance at December 31, 2008</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="53" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>9,759</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="43" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>966,378</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="63" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(4,792</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="63" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>6,176</font></p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="43" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>977,521</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:10.0pt;text-indent:-10.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Issuance of Common Units, net</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(9</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(886</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(895</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:10.0pt;text-indent:-10.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Distributions on Common Units</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(285</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(28,223</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(28,508</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:10.0pt;text-indent:-10.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Distributions on Preferred Units</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(17</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,660</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,677</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:10.0pt;text-indent:-10.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Amortization of restricted stock and </font><br> <font size=1>stock options</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>18</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,824</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,842</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:10.0pt;text-indent:-10.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Distribution to noncontrolling interest in </font><br> <font size=1>consolidated affiliates</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(4</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(4</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:10.0pt;text-indent:-10.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Adjustment of Redeemable Common Units to </font><br> <font size=1>fair value</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>240</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>23,783</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>24,023</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:10.0pt;text-indent:-10.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Noncontrolling interests in consolidated </font><br> <font size=1>affiliates</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(18</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>18</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:10.0pt;text-indent:-10.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Comprehensive income:</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:.25in;text-indent:-9.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>Net income</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>131</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,032</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,163</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:.25in;text-indent:-9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Other comprehensive loss</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>94</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>94</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:10.0pt;text-indent:-10.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>Total comprehensive income</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,257</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:10.0pt;text-indent:-10.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>Balance at March&nbsp;31,&nbsp;2009</font>    </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="53" nowrap valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>9,837</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="43" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>974,230</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="63" nowrap valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(4,698</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>6,190</font></p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="43" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>985,559</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>See accompanying notes to consolidated financial statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP</font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small><A NAME="TOC12"></A>CONSOLIDATED</small> <small>STATEMENTS</small> <small>OF</small> <small>CASH</small> <small>FLOWS</small></b></p>

<p style=' margin-bottom:0pt; margin-top:2pt;text-align:center;'><font size=2>(Unaudited and in thousands)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height:50%;'><font size=1>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="99%" style='border-collapse:collapse'>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended </font></b><br> <b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Operating activities:</font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Net income</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:4.7pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,163</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>16,721</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Adjustments to reconcile net income to net cash provided by operating activities:</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Depreciation</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>29,558</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>27,358</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Amortization of lease commissions</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,866</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,751</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Amortization of lease incentives</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>298</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>222</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Amortization of restricted stock and stock options</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,842</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,227</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Amortization of deferred financing costs</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>662</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>638</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:60.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Amortization of accumulated other comprehensive loss</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(70</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>80</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Net gains on disposition of properties</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(92</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(3,726</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Gains on disposition of for-sale residential condominiums</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(347</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Equity in earnings of unconsolidated affiliates</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,263</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,973</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Change in financing obligations</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>335</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>225</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Distributions of earnings from unconsolidated affiliates</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,253</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>1,894</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Changes in operating assets and liabilities:</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:80.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Accounts receivable</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>4,516</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,739</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:80.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Prepaid expenses and other assets</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>209</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(3,272</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:80.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Accrued straight-line rents receivable</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,534</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(2,403</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:80.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Accounts payable, accrued expenses and other liabilities</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(6,729</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(23,587</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:100.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Net cash provided by operating activities</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>45,667</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>20,894</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Investing activities:</font></b></p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Additions to real estate assets and deferred leasing costs</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(36,923</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(55,532</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Proceeds from disposition of real estate assets</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>195</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>6,072</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Proceeds from disposition of for-sale residential condominiums</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,180</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Distributions of capital from unconsolidated affiliates</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>594</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>804</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Net repayments of notes receivable</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>155</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,190</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Contributions to unconsolidated affiliates</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(500</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(841</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Changes in restricted cash and other investing activities</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,540</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>2,387</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:100.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Net cash used in investing activities</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(34,839</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(44,920</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Financing activities:</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Distributions on Common Units</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(28,508</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(25,808</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Distributions on Preferred Units</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,677</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(2,838</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Distributions to noncontrolling interests in consolidated affiliates</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(4</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(258</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Net proceeds from the sale of Common Units</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(895</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(686</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Repurchase of Common Units from noncontrolling interests</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&#151;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(3,293</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Borrowings on revolving credit facility</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>91,000</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>203,200</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Repayments of revolving credit facility</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(57,000</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(184,100</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Borrowings on mortgages and notes payable</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>36,551</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>144,579</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Repayments of mortgages and notes payable</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(55,964</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(102,459</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Additions to deferred financing costs</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(247</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(1,129</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:100.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>Net cash (used in)/provided by financing activities</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:.3pt;text-indent:-.3pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(16,744</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>27,208</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>Net (decrease)/increase in cash and cash equivalents</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>(5,916</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,182</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>Cash and cash equivalents at beginning of the period</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>13,649</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>3,144</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>Cash and cash equivalents at end of the period</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>7,733</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>6,326</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>See accompanying notes to consolidated financial statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>26</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>





<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP</font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>CONSOLIDATED</small> <small>STATEMENTS</small> <small>OF</small> <small>CASH</small> <small>FLOWS</small><font size=2> - Continued</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>(Unaudited and in thousands)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Supplemental disclosure of cash flow information: </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="99%" style='border-collapse:collapse'>
    <tr >
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended</font></b><br> <b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>Cash paid for interest, net of amounts capitalized (excludes cash distributions to owners of sold</font><br> <font size=2>properties accounted for as financings of $110 and $200 for 2009 and 2008, </font><br> <font size=2>respectively)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt;background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:10.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>24,695</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt;background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>29,977</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td nowrap ></td>

        <td width="11" ></td>

        <td width="11" ></td>

        <td width="47" ></td>

        <td width="11" ></td>

        <td width="11" ></td>

        <td width="47" ></td>

        <td width="11" ></td> </tr> </table>
            </div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Supplemental disclosure of non-cash investing and financing activities: </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The following table summarizes the net asset acquisitions and dispositions subject to mortgage notes payable and other non-cash transactions. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="99%" style='border-collapse:collapse'>
    <tr >
        <td valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended</font></b><br> <b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Assets:</font></b></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Prepaid expenses and other assets</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(34</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=top style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(561</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(34</font></p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=top style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(561</font></p> </td>
        <td width="10" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Liabilities:</font></b></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Accounts payable, accrued expenses and other liabilities</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(198</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=top style='border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>409</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(198</font></p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=top style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>409</font></p> </td>
        <td width="10" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><b><font size=2>Redeemable Operating Partnership Units and Equity</font></b></p> </td>
        <td width="10" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: double black 2.25pt;background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>164</font></p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top style='border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=top style='border-bottom: double black 2.25pt;background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(970</font></p> </td>
        <td width="10" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>See accompanying notes to consolidated financial statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>27</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>





<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP</font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small><A NAME="TOC13"></A>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>March</font></b><font size=2>&nbsp;</font><b><font size=2>31,</font></b><font size=2>&nbsp;</font><b><font size=2>2009</font></b></p>

<p style=' margin-bottom:0pt; margin-top:3pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per unit data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:3pt;text-align:center;'><font size=2>(Unaudited)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="68%" style='border-collapse:collapse'>
    <tr >
        <td width="5%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>1<small>.</small></b></p> </td>
        <td width="94%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>DESCRIPTION</small> <small>OF</small> <small>BUSINESS</small> <small>AND</small> <small>SIGNIFICANT</small> <small>ACCOUNTING</small> <small>POLICIES</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Description of Business</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Highwoods Properties, Inc., together with its consolidated subsidiaries (the "Company"), is a fully-integrated, self-administered and self-managed equity real estate investment trust ("REIT") that operates in the southeastern and midwestern United States. The Company conducts virtually all of its activities through Highwoods Realty Limited Partnership (the &#147;Operating Partnership&#148;). As of March&nbsp;31,&nbsp;2009, the Company and/or the Operating Partnership wholly owned: 310 in-service office, industrial and retail properties; 96 rental residential units; 580 acres of undeveloped land suitable for future development, of which 490 acres are considered core holdings; and an additional eight office and industrial properties under development and 66 for-sale residential condominiums. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The Company is the sole general partner of the Operating Partnership. As of March&nbsp;31,&nbsp;2009, the Company owned all of the preferred partnership interests (&#147;Preferred Units&#148;) and 63.2 million, or 94.0%, of the common partnership interests (&#147;Common Units&#148;) in the Operating Partnership. Limited partners (including certain officers and directors of the Company) own the remaining 4.1 million Common Units. Generally, the Operating Partnership is required to redeem each Common Unit at the request of the holder thereof for cash equal to the value of one share of the Company&#146;s Common Stock, $.01 par value (the &#147;Common Stock&#148;), based on the average of the market price for the 10 trading days immediately preceding the notice date of such redemption, provided that the Company at its option may elect to acquire any such Common Units presented for redemption
for cash or one share of Common Stock. The Common Units owned by the Company are not redeemable. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Basis of Presentation</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (&#147;GAAP&#148;). As more fully described in Note 10, the Consolidated Statement of Income for the three months ended March&nbsp;31,&nbsp;2008 was revised from previously reported amounts to reflect in discontinued operations the operations for those properties sold during 2008 and the first three months of 2009 which qualified for discontinued operations presentation. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Effective January&nbsp;1,&nbsp;2009, we adopted SFAS No. 160, &#147;Noncontrolling Interests in Consolidated Financial Statements &#150; an amendment of ARB No. 51&#148; (&#147;SFAS No. 160&#148;), which defines a noncontrolling interest in a consolidated subsidiary as the portion of the equity in a subsidiary not attributable, directly or indirectly, to the parent and requires noncontrolling interests to be presented as a separate component of capital in the consolidated balance sheet subject to the provisions of EITF D-98, &#147;Classification and Measurement of Redeemable Securities&#148; (&#147;EITF D-98&#148;). SFAS No. 160 also modifies the presentation of net income by requiring earnings and other comprehensive income to be attributable to controlling and noncontrolling interests. SFAS No. 160 requires retroactive treatment for all periods presented. Below are the steps we
have taken as a result of the implementation of this standard with respect to previously reported amounts:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align: justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>We have reclassified the noncontrolling interests in consolidated affiliates from the mezzanine section of our Consolidated Balance Sheet to equity. This reclassification totaled $6.2 million as of December&nbsp;31,&nbsp;2008.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:11.54%;text-align:justify;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>28</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per unit data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>1<small>.</small></b></p> </td>
        <td width="95%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>DESCRIPTION</small> <small>OF</small> <small>BUSINESS</small> <small>AND</small> <small>SIGNIFICANT</small> <small>ACCOUNTING</small> <small>POLICIES</small> <small>-</small> <font size=2>Continued</font></b></p> </td> </tr></table>
</div>

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        <td width="7%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align: justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income attributable to noncontrolling interests in consolidated affiliates is no longer included in the determination of net income. As a result, net income for the three months ended March&nbsp;31,&nbsp;2008 increased $0.2 million from the previously reported amounts. The adoption of this standard had no effect on our net income available for common unitholders or our earnings per common unit.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Effective January&nbsp;1,&nbsp;2009, we adopted FASB Staff Position EITF 03-6-1, &#147;Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities&#148; (&#147;FSP EITF 03-6-1&#148;). As a result, our weighted average common units outstanding, basic and diluted, for the three months ended March&nbsp;31,&nbsp;2008 were revised from previously reported amounts to include our total number of restricted common shares outstanding. For the three months ended March&nbsp;31,&nbsp;2008, weighted average common units outstanding, basic and diluted, are 487,343 and 365,274 shares higher than previously reported, respectively. Basic earnings per common unit for the three months ended March&nbsp;31,&nbsp;2008 was unchanged from the amount previously reported. Diluted earnings per common unit for the three months ended March&nbsp;31,&nbsp;2008 is $0.01 lower
than previously reported.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The Consolidated Financial Statements include wholly owned subsidiaries and those subsidiaries in which we own a majority voting interest with the ability to control operations and where no substantive participating rights or substantive kick out rights have been granted to the noncontrolling interest holders. All significant intercompany transactions and accounts have been eliminated.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The unaudited interim consolidated financial statements and accompanying unaudited consolidated financial information, in the opinion of management, contain all adjustments (including normal recurring accruals) necessary for a fair presentation of our financial position, results of operations and cash flows. We have omitted certain notes and other information from the interim consolidated financial statements presented in this Quarterly Report on Form 10-Q as permitted by SEC rules and regulations. These consolidated financial statements should be read in conjunction with our 2008 Annual Report on Form 10-K. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Use of Estimates</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The preparation of consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Income Taxes</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The Company has elected and expects to continue to qualify as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. A corporate REIT is a legal entity that holds real estate assets and, through the payment of dividends to stockholders, is generally permitted to reduce or avoid the payment of federal and state income taxes at the corporate level. To maintain qualification as a REIT, the Company is required to pay dividends to its stockholders equal to at least 90.0% of its annual REIT taxable income, excluding capital gains. Under temporary IRS regulations, for 2009, distributions can be paid partially using a REIT&#146;s freely tradable stock so long as stockholders have the option of receiving at least 10% of the total distribution in cash. The partnership agreement requires the Operating Partnership to pay economically equivalent distributions on
outstanding Common Units at the same time that the Company pays dividends on its outstanding Common Stock. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Noncontrolling Interests</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>We adopted SFAS No. 160 on January&nbsp;1,&nbsp;2009, as described previously, which establishes accounting and presentation standards for noncontrolling interests in subsidiaries.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>29</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per unit data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="79%" style='border-collapse:collapse'>
    <tr >
        <td width="4%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>1<small>.</small></b></p> </td>
        <td width="95%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>DESCRIPTION</small> <small>OF</small> <small>BUSINESS</small> <small>AND</small> <small>SIGNIFICANT</small> <small>ACCOUNTING</small> <small>POLICIES</small> <small>-</small> <font size=2>Continued</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Noncontrolling interests in consolidated affiliates relates to our respective joint venture partners&#146; 50.0% interest in Highwoods-Markel Associates, LLC (&#147;Markel&#148;) and estimated 19.5% economic interest in Plaza Residential, LLC (&#147;Plaza Residential&#148;). Each of our joint venture partners is an unrelated third party. We consolidate Markel since we are the general partner and effectively control the major operating and financial policies of the joint venture. We consolidate Plaza Residential since we own the majority interest in and effectively control the joint venture. The following table sets forth noncontrolling interests in consolidated affiliates:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:.1pt;border-collapse:collapse'>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended </font></b><br> <b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Beginning noncontrolling interests in consolidated affiliates</font>                                                                                                                                                                              </p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="54" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,176</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,804</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Net income attributable to noncontrolling interests in consolidated affiliates</font>                                                                       </p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>18</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>198</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.9pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Distributions to noncontrolling interests in consolidated affiliates</font>                                                                                                                        </p> </td>
        <td width="11" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(4</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(258</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:53.9pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Total noncontrolling interests in consolidated affiliates</font>                                                                                                                                                   </p> </td>
        <td width="11" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="54" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,190</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="54" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,744</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Recently Issued Accounting Standards</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In April 2009, the FASB issued FASB Staff Position FAS No. 107-1 and APB No. 28-1, &#147;Interim Disclosures about Fair Value of Financial Instruments&#148; (&#147;FSP FAS 107-1&#148;), which requires disclosures of the fair value of financial instruments for interim reporting periods and is effective for interim reporting periods ending after June&nbsp;15,&nbsp;2009. We plan to adopt FSP FAS 107-1 on July&nbsp;1,&nbsp;2009 and provide disclosures about the fair value of financial instruments for each reporting period subsequent to adoption.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In April 2009, the FASB issued FASB Staff Position FAS No. 115-2 and FAS No. 124-2, &#147;Recognition and Presentation of Other-Than-Temporary Impairments&#148; (&#147;FSP FAS 115-2&#148;), which amends the other-than-temporary impairment guidance for debt securities related to the recognition, measurement and disclosure of other-than-temporary impairments and is effective for interim reporting periods ending after June&nbsp;15,&nbsp;2009. We plan to adopt FSP&nbsp;FAS&nbsp;115-2 on July&nbsp;1,&nbsp;2009 and do not believe that it will have a material impact on our financial position or results of operations subsequent to adoption.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In April 2009, the FASB issued FASB Staff Position FAS No. 157-4, &#147;Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Indentifying Transactions That Are Not Orderly&#148; (&#147;FSP FAS 157-4&#148;), which provides guidance on determining fair value when market activity has decreased and is effective for interim reporting periods ending after June&nbsp;15,&nbsp;2009. We plan to adopt FSP FAS 157-4 on July&nbsp;1,&nbsp;2009 and do not believe that it will have a material impact on our financial position or results of operations subsequent to adoption.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="50%" style='border-collapse:collapse'>
    <tr >
        <td width="7%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>2<small>.</small></b></p> </td>
        <td width="92%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>INVESTMENTS</small> <small>IN</small> <small>UNCONSOLIDATED</small> <small>AFFILIATES</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>We have retained equity interests ranging from 22.8% to 50.0% in various joint ventures with unrelated third parties. We account for our unconsolidated joint ventures using the equity method of accounting. As a result, the assets and liabilities of these joint ventures for which we use the equity method of accounting are not included in our Consolidated Balance Sheets. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>30</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per unit data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="61%" style='border-collapse:collapse'>
    <tr >
        <td width="6%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>2<small>.</small></b></p> </td>
        <td width="93%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>INVESTMENTS</small> <small>IN</small> <small>UNCONSOLIDATED</small> <small>AFFILIATES</small> <small>-</small> <font size=2>Continued</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our combined, summarized income statements for our unconsolidated joint ventures were as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended </font></b><br> <b><font size=1>March 31,</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Income Statements:</font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><b><font size=2>Revenues</font></b>                                                                                                                                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>37,493</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>37,284</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Expenses: </font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:60.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Rental property and other expenses</font>                                                                                                                                                                                                                                                  </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>18,100</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>17,841</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:60.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Depreciation and amortization</font>                                                                                                                                                                                                                                                                            </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,454</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,063</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:60.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Interest expense</font>                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,762</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,254</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:80.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total expenses</font>                                                                                                                                                                                                                                                                                                                           </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>35,316</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>33,158</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><b><font size=2>Net income</font></b>                                                                                                                                                                                                                                                                                                                                                                                                 </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,177</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,126</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Our share of:</font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="47" nowrap valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Net income </font><b><font size=1>(1)</font></b>                                                                                                                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,263</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,973</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Depreciation and amortization of real estate assets</font>                                                                                                                                                                                                      </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,204</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,893</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Interest expense</font>                                                                                                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,551</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="47" nowrap valign=bottom style='border-bottom: double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,500</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="3%" valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td  valign=top style='padding:4.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Our share of net income differs from our weighted average ownership percentage in the joint ventures&#146; net income due to our purchase accounting and other related adjustments.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="29%" style='border-collapse:collapse'>
    <tr >
        <td width="13%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>3<small>.</small></b></p> </td>
        <td width="86%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>INVESTMENT</small> <small>ACTIVITIES</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Development</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Development in process as of March&nbsp;31,&nbsp;2009 includes three office properties aggregating 358,000 rentable square feet and 75 acres of vacant land undergoing infrastructure improvements. The aggregate cost, including leasing commissions, of the three buildings currently is expected to be $82.2 million when fully leased and completed, of which $62.2 million had been incurred as of March&nbsp;31,&nbsp;2009. The dollar weighted average pre-leasing of these development projects was approximately 71% as of March&nbsp;31,&nbsp;2009.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>We currently have four office properties and one industrial property recently completed, but not yet stabilized, aggregating 865,000 square feet. We consider the stabilization date to be the earlier of the originally anticipated stabilization date or when 95% occupancy is achieved. The aggregate cost, including leasing commissions, of these properties currently is expected to be $156.2 million when fully leased, of which $139.5 million had been incurred as of March&nbsp;31,&nbsp;2009. The dollar weighted average occupancy of these properties was approximately 67% as of March&nbsp;31,&nbsp;2009. The components of these properties are included in land, building and tenant improvements and deferred financing and leasing costs in our Consolidated Balance Sheet as of March&nbsp;31,&nbsp;2009. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>31</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per unit data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="40%" style='border-collapse:collapse'>
    <tr >
        <td width="9%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>3<small>.</small></b></p> </td>
        <td width="90%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>INVESTMENT</small> <small>ACTIVITIES</small> <small>-</small> <font size=2>Continued</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>For-Sale Residential Condominiums</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In 2007, we and Dominion Partners, LLC formed Plaza Residential. We retained a majority interest in the joint venture, which was formed to develop and sell 139 for-sale residential condominiums constructed above an office tower developed by us in Raleigh, NC. For-sale residential condominiums in our Consolidated Balance Sheets include our completed, but unsold, condominium inventory as of March&nbsp;31,&nbsp;2009 and December&nbsp;31,&nbsp;2008. For the three months ended March&nbsp;31,&nbsp;2009, we sold eight condominiums for net sales proceeds of $3.2 million, and recorded gains of $0.3 million. Net sales proceeds include forfeitures of earnest money deposits of $0.3 million for the three months ended March&nbsp;31,&nbsp;2009. We recognize forfeiture of earnest money deposits into income when entitled to claim the forfeited deposit upon legal default. Net income attributable to
noncontrolling interests in consolidated affiliates in our Consolidated Statement of Income includes our partner&#146;s economic share of the net income of the joint venture of $(0.2) million for the three months ended March&nbsp;31,&nbsp;2009. Our partners&#146; economic share of net income is negative this period since our estimate of our partner&#146;s economic ownership decreased from 25.0% as of December&nbsp;31,&nbsp;2008 to 19.5% as of March&nbsp;31,&nbsp;2009. There were no condominium sales or forfeitures of deposits during the three months ended March&nbsp;31,&nbsp;2008.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="46%" style='border-collapse:collapse'>
    <tr >
        <td width="8%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>4<small>.</small></b></p> </td>
        <td width="91%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>DEFERRED</small> <small>FINANCING</small> <small>AND</small> <small>LEASING</small> <small>COSTS</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>As of March&nbsp;31,&nbsp;2009 and December&nbsp;31,&nbsp;2008, we had deferred financing costs of $14.7 million, with related accumulated amortization of $8.4 million and $7.8 million, respectively. As of March&nbsp;31,&nbsp;2009 and December&nbsp;31,&nbsp;2008, we had deferred leasing costs of $111.5 million and $111.1 million, respectively, with related accumulated amortization of $46.2 million and $44.8 million, respectively. Aggregate amortization expense (included in depreciation and amortization and amortization of loan costs) for these intangibles for the three months ended March&nbsp;31,&nbsp;2009 and 2008 was $4.5 million and $4.4 million, respectively.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The estimated aggregate amortization expense for each of the next five succeeding fiscal years is as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:.1pt;border-collapse:collapse'>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:55.0pt;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Remainder of 2009 subsequent to March&nbsp;31,&nbsp;2009</font>       </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="48" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,763</font></p> </td>
        <td width="115" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:55.0pt;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0.5pt'><font size=2>2010</font>                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="48" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12,930</font></p> </td>
        <td width="115" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:55.0pt;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0.5pt'><font size=2>2011</font>                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="48" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10,766</font></p> </td>
        <td width="115" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:55.0pt;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0.5pt'><font size=2>2012</font>                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="48" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,971</font></p> </td>
        <td width="115" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:55.0pt;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0.5pt'><font size=2>2013</font>                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="48" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,624</font></p> </td>
        <td width="115" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:55.0pt;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0.5pt'><font size=2>2014</font>                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="48" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,338</font></p> </td>
        <td width="115" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>32</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
</DIV>






<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per unit data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="38%" style='border-collapse:collapse'>
    <tr >
        <td width="10%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>5<small>.</small></b></p> </td>
        <td width="89%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>MORTGAGES</small> <small>AND</small> <small>NOTES</small> <small>PAYABLE</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our consolidated mortgages and notes payable consisted of the following:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="99%" style='border-collapse:collapse'>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b><br> <b><font size=1>2009</font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>December 31,</font></b><br> <b><font size=1>2008</font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Secured mortgage loans</font>                                                                                                                                                                                                                                                                                                                                                            </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="55" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>665,747</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="55" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:.6pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>655,186</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Unsecured loans</font>                                                                                                                                                                                                                                                                                                                                                                                            </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>953,529</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="55" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>949,499</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Total</font>                                                                                                                                                                                                                                                                                                                                                                                                                      </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="55" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,619,276</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="55" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,604,685</font></p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>As of March&nbsp;31,&nbsp;2009, our secured mortgage loans were secured by real estate assets with an aggregate undepreciated book value of $1.1 billion.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our $450.0 million unsecured revolving credit facility is scheduled to mature on May&nbsp;1,&nbsp;2010. The interest rate is LIBOR plus 80 basis points and the annual base facility fee is 20 basis points. The interest rate would increase to LIBOR plus 140 or 155 basis points if our credit rating were to fall below investment grade according to two of three major credit rating agencies. Our revolving credit facility had $251.7 million of availability as of March&nbsp;31,&nbsp;2009 and had $250.7 million of availability as of May&nbsp;1,&nbsp;2009.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our $70.0 million secured construction facility is initially scheduled to mature on December&nbsp;20,&nbsp;2010. Assuming no defaults have occurred, we have options to extend the maturity date for two successive one-year periods. The interest rate is LIBOR plus 85 basis points. Our secured construction facility had $39.1 million of availability as of March&nbsp;31,&nbsp;2009 and had $34.6 million of availability as of May&nbsp;1,&nbsp;2009.</font><b><font size=2> </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In January&nbsp;2009, we paid off at maturity $50.0 million of 8.125% unsecured notes using borrowings under our revolving credit facility.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In March 2009, we obtained a $20.0 million, three-year unsecured term loan with a bank lender. The interest rate is LIBOR plus 250 basis points, subject to a minimum total interest rate of 3.9%.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our revolving credit facility, variable rate term loans and the indenture that governs our outstanding notes require us to comply with customary operating covenants and various financial and operating ratios. We and the Company are each currently in compliance with all such requirements. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="30%" style='border-collapse:collapse'>
    <tr >
        <td width="12%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>6<small>.</small></b></p> </td>
        <td width="87%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>SHARE-BASED</small> <small>PAYMENTS</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>During the three months ended March&nbsp;31,&nbsp;2009, the Company granted under its Amended and Restated 1994 Stock Option Plan (the &#147;Stock Option Plan&#148;) 394,044 stock options at an exercise price equal to the closing market price of a share of our common stock on the date of grant. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, which resulted in a weighted-average grant date fair value per share of $1.80. During the three months ended March&nbsp;31,&nbsp;2009, the Company also granted 128,384 shares of time-based restricted stock and 99,910 shares of total return-based restricted stock with weighted-average grant date fair values per share of $19.33 and $10.13, respectively. The Company recorded stock-based compensation expense of $1.8 million and $2.2 million during the three months ended
March&nbsp;31,&nbsp;2009 and 2008, respectively. As of March&nbsp;31,&nbsp;2009, there was $12.2 million of total unrecognized stock-based compensation costs, which will be recognized over a weighted average remaining contractual term of 1.7 years.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>33</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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</DIV>






<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per unit data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="31%" style='border-collapse:collapse'>
    <tr >
        <td width="12%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>7<small>.</small></b></p> </td>
        <td width="87%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>DERIVATIVE</small> <small>INSTRUMENTS</small></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>To meet, in part, our liquidity requirements, we borrow funds at a combination of fixed and variable rates. Borrowings under our revolving credit facility, construction facility and bank term loans bear interest at variable rates. Our long-term debt, which consists of secured and unsecured long-term financings and the issuance of unsecured debt securities, typically bears interest at fixed rates although some loans bear interest at variable rates. Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flows and to lower our overall borrowing costs. To achieve these objectives, from time to time, we enter into interest rate hedge contracts such as collars, swaps, caps and treasury lock agreements in order to mitigate our interest rate risk with respect to various debt instruments. We do not hold or issue these derivative contracts
for trading or speculative purposes. The interest rate on all of our variable rate debt is generally adjusted at one or three month intervals, subject to settlements under these interest rate hedge contracts. We also enter into treasury lock agreements from time to time in order to limit our exposure to an increase in interest rates with respect to future debt offerings. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In prior periods, we entered into certain interest rate hedging arrangements which were designated and are being accounting for as cash flow hedges. The effective portion of these arrangements, representing deferred interest expense, was $0.8 million as of March&nbsp;31,&nbsp;2009 and is included in Accumulated Other Comprehensive Loss (&#147;AOCL&#148;). This deferred expense will be recognized as an addition to interest expense in the same periods during which interest expense on the hedged financings affects net income. We expect approximately $0.2 million will be recognized as a decrease to interest expense within the next 12 months. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In January 2008, we entered into two floating-to-fixed interest rate swaps for a one-year period with respect to an aggregate of $50.0 million of borrowings outstanding under our revolving credit facility or other floating rate debt. These swaps fix the underlying LIBOR rate upon which interest on such borrowings is based at 3.26% for $30.0 million of borrowings and 3.24% for $20.0 million of borrowings. These swaps were designated and accounted for as cash flow hedges and matured in January 2009.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In April 2008, we entered into a floating-to-fixed interest rate swap for a two-year period with respect to an aggregate of $50.0 million of borrowings outstanding under our term loan or other floating rate debt. The swap fixes the underlying LIBOR rate upon which interest on such borrowings is based at 2.52%. The counterparty under this swap is Bank of America, N.A. The swap was designated and is being accounted for as a cash flow hedge. The effective portion of the swap representing deferred interest expense was $0.9 million as of March&nbsp;31,&nbsp;2009 and is included in AOCL. We expect the majority of the balance to be recognized as an increase to interest expense within the next 12 months.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In October&nbsp;2008, we entered into a floating-to-fixed interest rate swap for a one-year period with respect to an aggregate of $25.0 million of borrowings outstanding under our term loan or other floating rate debt. The swap fixes the underlying LIBOR rate upon which interest on such borrowings is based at 2.35%. The counterparty under this swap is PNC Bank, N.A. The swap was designated and is being accounted for as a cash flow hedge. The effective portion of the swap representing deferred interest expense was $0.2 million as of March&nbsp;31,&nbsp;2009 and is included in AOCL. We expect all of the balance to be recognized as an increase to interest expense within the next 12 months.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>34</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per unit data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>8<small>.</small></b></p> </td>
        <td width="91%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>OTHER</small> <small>COMPREHENSIVE</small> <small>INCOME/(LOSS)</small></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Other comprehensive income/(loss) represents net income plus the changes in certain amounts deferred in accumulated other comprehensive income/(loss) related to hedging and other activities not reflected in the Consolidated Statements of Income. The components of other comprehensive income/(loss) are as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended</font></b><br> <b><font size=1>March 31,</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Net income</font>                                                                                                                                                                                                                                                                                                                                                                                                                                  </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,163</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,721</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Other comprehensive income/(loss):</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Unrealized loss on tax increment financing bonds</font>                                                                                                                                                                                                                       </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(34</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(561</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Unrealized derivative gains/(losses) on cash-flow hedges</font>                                                                                                                                                                                    </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>198</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(409</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Amortization of past cash flow hedges</font>                                                                                                                                                                                                                                                                       </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(70</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>80</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total other comprehensive income/(loss)</font>                                                                                                                                                                                                                                     </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>94</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(890</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:1.0in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Total comprehensive income</font>                                                                                                                                                                                                                                                                       </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,257</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,831</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>9<small>.</small></b></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>FAIR</small> <small>VALUE</small> <small>MEASUREMENTS</small></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The following summarizes the three levels of inputs that we use to measure fair value, as well as the assets and liabilities that we recognize at fair value using those levels of inputs.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><b><font size=2>Level 1.</font></b><font size=2> Quoted prices in active markets for identical assets or liabilities. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our Level 1 assets are comprised of investments in marketable securities which we use to pay benefits under our deferred compensation plan. Our Level&nbsp;1 liabilities are our obligations to pay certain deferred compensation plan benefits whereby participants have designated investment options (primarily mutual funds) to serve as the basis for measurement of the notional value of their accounts.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><b><font size=2>Level 2.</font></b><font size=2> Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our Level 2 liabilities are interest rate swaps whose fair value is determined using a pricing model based upon observable market inputs. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><b><font size=2>Level 3.</font></b><font size=2> Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our Level 3 asset is our tax increment financing bond issued by a municipal authority in connection with our construction of a public parking facility that is not routinely traded but whose fair value is determined using an estimate of projected redemption value based on quoted bid/ask prices for similar unrated municipal bonds. These available for-sale securities are carried at estimated fair value in prepaid and other assets with unrealized gains or losses reported in accumulated other comprehensive loss. The estimated fair value as of March&nbsp;31,&nbsp;2009 was $2.7 million below the outstanding principal due on the bonds. We have the ability and intent to hold this bond until it recovers in value.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our Level 3 liability is our SF-HIW Harborview Plaza, LP financing obligation that is not traded but whose fair value is determined using an estimate of discounted cash flows dependent on future leasing assumptions for the property. </font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>35</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per unit data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<table border="0" cellspacing=0 cellpadding=0 width="44%" style='border-collapse:collapse'>
    <tr >
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>9<small>.</small></b></p> </td>
        <td width="91%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>FAIR</small> <small>VALUE</small> <small>MEASUREMENTS</small> <small>-</small> <font size=2>Continued</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The following tables set forth the assets and liabilities as of March&nbsp;31,&nbsp;2009 that we measured at fair value on a recurring basis by level within the fair value hierarchy. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="8" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Fair Value Measurements Using</font></b></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align: center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Level 1</font></b></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Level 2</font></b></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Level 3</font></b></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align: center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><b><font size=1>Balance at</font></b><br> <b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b><br> <b><font size=1>2009</font></b></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><b><font size=1>Quoted Prices in</font></b><br> <b><font size=1>Active Markets</font></b><br> <b><font size=1>for Identical</font></b><br> <b><font size=1>Assets</font></b></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><b><font size=1>Significant</font></b><br> <b><font size=1>Other</font></b><br> <b><font size=1>Observable</font></b><br> <b><font size=1>Inputs</font></b></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Significant</font></b><br> <b><font size=1>Unobservable</font></b><br> <b><font size=1>Inputs</font></b></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Assets:</font></b></p> </td>
        <td width="13" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Marketable securities (in prepaid and other </font><br> <font size=2>assets) </font><b><font size=1>(1)</font></b>                                                                                                                                                                      </p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,799</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,799</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Tax increment financing bond (in prepaid expenses</font><br> <font size=2>and other assets)</font>                                                                                                                                    </p> </td>
        <td width="13" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>17,434</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>17,434</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:35.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><b><font size=2>Total Assets</font></b>                                                                                                                                                              </p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>22,233</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,799</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>17,434</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td nowrap valign=top style=' height:.1in'>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=top style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='  height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='  height:.1in'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='  height:.1in'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=top style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='  height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style=' height:.1in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Liabilities:</font></b></p> </td>
        <td width="13" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Interest rate swaps (in accounts payable, accrued </font><br> <font size=2>expenses and other liabilities)</font>                                                                        </p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,179</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,179</font></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Deferred compensation (in accounts payable, </font><br> <font size=2>accrued expenses and other liabilities)</font>                                 </p> </td>
        <td width="13" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,368</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,368</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>SF-Harborview Plaza, LP financing obligation</font>                     </p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,934</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="13" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,934</font></p> </td>
        <td width="13" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:35.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><b><font size=2>Total Liabilities</font></b>                                                                                                                                                </p> </td>
        <td width="13" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>23,481</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,368</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,179</font></p> </td>
        <td width="13" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="63" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,934</font></p> </td>
        <td width="13" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The marketable securities are held through our officer deferred compensation plans.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:.1pt;border-collapse:collapse'>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align: center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Fair Value</font></b><br> <b><font size=1>Measurements</font></b><br> <b><font size=1>Using </font></b><br> <b><font size=1>Significant</font></b><br> <b><font size=1>Unobservable</font></b><br> <b><font size=1>Inputs</font></b><br> <b><font size=1>(Level 3)</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Asset:</font></b></p> </td>
        <td width="14" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="65" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:30.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Tax Increment Financing Bond</font></b></p> </td>
        <td width="14" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="65" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:30.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Beginning balance as of December&nbsp;31,&nbsp;2008</font>                                                                                                                                                                               </p> </td>
        <td width="14" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="65" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>17,468</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Unrealized loss (in AOCL)</font>                                                                                                                                                                                                                                                                                                                                                              </p> </td>
        <td width="14" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="65" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(34</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:30.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Ending balance as of March&nbsp;31,&nbsp;2009</font>                                                                                                                                                                                                             </p> </td>
        <td width="14" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="65" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>17,434</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:5.05pt'>
        <td nowrap valign=top style=' height:5.05pt'>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=top style=' height:5.05pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='height:5.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="65" nowrap valign=bottom style='  height:5.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style=' height:5.05pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Liability:</font></b></p> </td>
        <td width="14" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="65" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:30.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>SF-Harborview Plaza, LP Financing Obligation</font></b></p> </td>
        <td width="14" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="65" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:30.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Beginning balance as of December&nbsp;31,&nbsp;2008</font>                                                                                                                                                                               </p> </td>
        <td width="14" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="65" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,604</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Payments on financing obligation</font>                                                                                                                                                                                                                                                                                                                                 </p> </td>
        <td width="14" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="65" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(110</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Interest expense on financing obligation</font>                                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="14" valign=top >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="65" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>440</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:30.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Ending balance as of March&nbsp;31,&nbsp;2009</font>                                                                                                                                                                                                             </p> </td>
        <td width="14" valign=top style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="65" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,934</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>36</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always"><HR noshade align="center" width="100%" size="2">
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per unit data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="32%" style='border-collapse:collapse'>
    <tr >
        <td width="11%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>10<small>.</small></b></p> </td>
        <td width="88%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>DISCONTINUED</small> <small>OPERATIONS</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>As part of our business strategy, we will from time to time selectively dispose of non-core properties in order to use the net proceeds for investments, for repayment of debt and/or retirement of Preferred Units, or other purposes. The table below sets forth the net operating results of those assets classified as discontinued operations in our Consolidated Financial Statements. These assets classified as discontinued operations comprise 0.7 million square feet of office and industrial properties and 13 rental residential units sold during 2008 and the three months ended March&nbsp;31,&nbsp;2009. The operations of these assets have been reclassified from our ongoing operations to discontinued operations, and we will not have any significant continuing involvement in the operations after the disposal transactions:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended</font></b><br> <b><font size=1>March 31,</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Rental and other revenues</font></b>                                                                                                                                                                                                                                                                                                                                                                    </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,858</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Operating expenses:</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Rental property and other expenses</font>                                                                                                                                                                                                                                                                                         </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>836</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Depreciation and amortization</font>                                                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>361</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:40.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Total operating expenses</font>                                                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,197</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><b><font size=2>Other income</font></b>                                                                                                                                                                                                                                                                                                                                                                                                                               </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><b><font size=2>Income before gains on sales of discontinued operations</font></b>                                                                                                                                                                                                                     </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>670</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Gains on sales of discontinued operations</font>                                                                                                                                                                                                                                                             </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>73</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,726</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><b><font size=2>Total discontinued operations</font></b>                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>73</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,396</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="25%" style='border-collapse:collapse'>
    <tr >
        <td width="15%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>11<small>.</small></b></p> </td>
        <td width="84%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>EARNINGS</small> <small>PER</small> <small>UNIT</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Effective January&nbsp;1,&nbsp;2009, we adopted FSP EITF 03-6-1, which required us to retroactively revise our weighted average common units outstanding, basic and diluted, to include our total number of restricted shares outstanding.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>37</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per unit data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="36%" style='border-collapse:collapse'>
    <tr >
        <td width="10%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>11<small>.</small></b></p> </td>
        <td width="89%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>EARNINGS</small> <small>PER</small> <small>UNIT</small> <small>-</small> <font size=2>Continued</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The following table sets forth the computation of basic and diluted earnings per unit:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended</font></b><br> <b><font size=1>March 31,</font></b></p> </td>
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            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td valign=top style=' height:4.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style=' height:4.45pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; height:4.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="12" valign=bottom style=' height:4.45pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; height:4.45pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="14" valign=bottom style=' height:4.45pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Earnings per common unit:</font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Numerator:</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Income from continuing operations</font>                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,090</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12,325</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Noncontrolling interests in consolidated affiliates</font>                                                                                                                                                                                                                       </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(18</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(198</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
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        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Distributions on preferred units</font>                                                                                                                                                                                                                                                                                                         </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(1,677</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(2,838</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
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            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Income from continuing operations available for common unitholders</font>                                                                                                </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,395</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,289</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Income from discontinued operations</font>                                                                                                                                                                                                                                                                               </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>73</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,396</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td nowrap valign=top >
            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Net income available for common unitholders</font>                                                                                                                                                                                                                 </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,468</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,685</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Denominator:</font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Denominator for basic earnings per common unit &#150; weighted average units</font>                                           </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>67,289</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>60,775</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:6.3pt'>
        <td nowrap valign=top style='background:#C6D9F1; height:6.3pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Earnings per common unit - basic:</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1;height:6.3pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1;height:6.3pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; height:6.3pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1;height:6.3pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1;height:6.3pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; height:6.3pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1;height:6.3pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Income from continuing operations available for common unitholders</font>                                                                                                                        </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.17</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.16</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Income from discontinued operations available for common unitholders</font>                                                                                                             </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.07</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Net income available for common unitholders</font>                                                                                                                                                                                                                 </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.17</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.23</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Earnings per common unit - diluted:</font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Numerator:</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Income from continuing operations</font>                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,090</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12,325</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Noncontrolling interests in consolidated affiliates</font>                                                                                                                                                                                                                       </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(18</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(198</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Distributions on preferred units</font>                                                                                                                                                                                                                                                                                                         </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(1,677</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(2,838</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Income from continuing operations available for common unitholders</font>                                                                                                </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,395</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,289</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Income from discontinued operations</font>                                                                                                                                                                                                                                                                               </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>73</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,396</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Net income available for common unitholders</font>                                                                                                                                                                                                                 </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,468</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,685</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Denominator:</font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Denominator for basic earnings per common unit &#150; weighted average units</font>      </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>67,289</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>60,775</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Add:</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Employee and director stock options and warrants</font>                                                                                                                                                                                                               </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>232</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Denominator for diluted earnings per common unit &#150; adjusted weighted average units </font><br> <font size=2>and assumed conversions </font><b><font size=1>(1)</font></b>                                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>67,296</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>61,007</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Earnings per common unit - diluted:</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Income from continuing operations available for common unitholders</font>                                                                                                                        </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.17</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.15</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Income from discontinued operations available for common unitholders</font>                                                                                                             </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="12" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.07</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Net income available for common unitholders</font>                                                                                                                                                                                                                 </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.17</font></p> </td>
        <td width="12" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.22</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;line-height:80%;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Options and warrants aggregating 1.4 and 0.4 million shares were outstanding during the three months ended March&nbsp;31,&nbsp;2009 and 2008, respectively, but were not included in the treasury method calculation for diluted earnings per common unit because the exercise prices of the options and warrants were higher than the average market price of Common Unit during these periods. </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>38</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per unit data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="29%" style='border-collapse:collapse'>
    <tr >
        <td width="13%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>12<small>.</small></b></p> </td>
        <td width="86%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>SEGMENT</small> <small>INFORMATION</small></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our principal business is the acquisition, development and operation of rental real estate properties. We evaluate our business by product type and by geographic locations. Each product type has different customers and economic characteristics as to rental rates and terms, cost per square foot of buildings, the purposes for which customers use the space, the degree of maintenance and customer support required and customer dependency on different economic drivers, among others. The operating results by geographic grouping are also regularly reviewed by our chief operating decision maker for assessing performance and other purposes. There are no material inter-segment transactions. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The accounting policies of the segments are the same as those described in Note 1 included herein. All operations are within the United States and, as of March&nbsp;31,&nbsp;2009, no tenant of the Wholly Owned Properties comprised more than 7.4% of our consolidated revenues. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The following table summarizes the rental income and net operating income for each reportable segment:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
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        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended</font></b><br> <b><font size=1>March 31,</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Rental and Other Revenues: </font><font size=1>(1) (2) (3)</font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Office:</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Atlanta, GA</font>                                                                                                                                                                                                                                                                                                                                                                        </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,503</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,557</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Greenville, SC</font>                                                                                                                                                                                                                                                                                                                                                               </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,639</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,262</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Kansas City, MO</font>                                                                                                                                                                                                                                                                                                                                             </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,748</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,684</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Memphis, TN</font>                                                                                                                                                                                                                                                                                                                                                              </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,034</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,134</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Nashville, TN</font>                                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,407</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>14,777</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Orlando, FL</font>                                                                                                                                                                                                                                                                                                                                                                         </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,951</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,407</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Piedmont Triad, NC</font>                                                                                                                                                                                                                                                                                                                                  </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,545</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,624</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Raleigh, NC</font>                                                                                                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>18,354</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>18,527</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Richmond, VA</font>                                                                                                                                                                                                                                                                                                                                                            </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,714</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,593</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Tampa, FL</font>                                                                                                                                                                                                                                                                                                                                                                              </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,545</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>15,830</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:40.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total Office Segment</font>                                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>97,440</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>94,395</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Industrial:</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Atlanta, GA</font>                                                                                                                                                                                                                                                                                                                                                                        </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,941</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,087</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Piedmont Triad, NC</font>                                                                                                                                                                                                                                                                                                                                  </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,377</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,708</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:40.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total Industrial Segment</font>                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,318</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,795</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Retail:</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Kansas City, MO</font>                                                                                                                                                                                                                                                                                                                                             </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,742</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10,795</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Piedmont Triad, NC</font>                                                                                                                                                                                                                                                                                                                                  </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>143</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>140</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Raleigh, NC</font>                                                                                                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>30</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total Retail Segment</font>                                                                                                                                                                                                                                                                                                     </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,915</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10,935</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Residential:</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Kansas City, MO</font>                                                                                                                                                                                                                                                                                                                                             </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>293</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>303</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:40.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total Residential Segment</font>                                                                                                                                                                                                                                                                            </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>293</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>303</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Total Rental and Other Revenues</font>                                                                                                                                                                                                                                                                                                                         </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>115,966</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>113,428</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:3pt; margin-left:3.85%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>39</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>HIGHWOODS REALTY LIMITED PARTNERSHIP </font></B></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small>NOTES</small> <small>TO</small> <small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>STATEMENTS</small><font size=2> (Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2>(tabular dollar amounts in thousands, except per unit data)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="40%" style='border-collapse:collapse'>
    <tr >
        <td width="9%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b>12<small>.</small></b></p> </td>
        <td width="90%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><small>SEGMENT</small> <small>INFORMATION</small> <small>-</small> <font size=2>Continued</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended</font></b><br> <b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Net Operating Income: </font><font size=1>(1) (2) (3)</font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Office:</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Atlanta, GA</font>                                                                                                                                                                                                                                                                                                                                                                        </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,990</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,524</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Greenville, SC</font>                                                                                                                                                                                                                                                                                                                                                               </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,288</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,054</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Kansas City, MO</font>                                                                                                                                                                                                                                                                                                                                             </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,248</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,143</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Memphis, TN</font>                                                                                                                                                                                                                                                                                                                                                              </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,025</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,534</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Nashville, TN</font>                                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,859</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,942</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Orlando, FL</font>                                                                                                                                                                                                                                                                                                                                                                         </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,575</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,430</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Piedmont Triad, NC</font>                                                                                                                                                                                                                                                                                                                                  </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,177</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,320</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Raleigh, NC</font>                                                                                                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12,237</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12,854</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Richmond, VA</font>                                                                                                                                                                                                                                                                                                                                                            </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,010</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,104</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Tampa, FL</font>                                                                                                                                                                                                                                                                                                                                                                              </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,896</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,520</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Other</font>                                                                                                                                                                                                                                                                                                                                                                                                        </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(2</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(21</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total Office Segment</font>                                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>61,303</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>61,404</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Industrial:</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Atlanta, GA</font>                                                                                                                                                                                                                                                                                                                                                                        </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,064</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,189</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Piedmont Triad, NC</font>                                                                                                                                                                                                                                                                                                                                  </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,557</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,933</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total Industrial Segment</font>                                                                                                                                                                                                                                                                                   </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,621</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,122</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Retail:</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Atlanta, GA</font>                                                                                                                                                                                                                                                                                                                                                                        </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(6</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(5</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Kansas City, MO</font>                                                                                                                                                                                                                                                                                                                                             </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,133</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,208</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Piedmont Triad, NC</font>                                                                                                                                                                                                                                                                                                                                  </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>110</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>114</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Raleigh, NC</font>                                                                                                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(23</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total Retail Segment</font>                                                                                                                                                                                                                                                                                                     </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>6,239</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7,294</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Residential:</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Kansas City, MO</font>                                                                                                                                                                                                                                                                                                                                             </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>171</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>195</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Raleigh, NC</font>                                                                                                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(9</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(11</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:40.0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total Residential Segment</font>                                                                                                                                                                                                                                                                            </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>162</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>184</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Total Net Operating Income</font>                                                                                                                                                                                                                                                                                                                                                 </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>74,325</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>75,004</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Reconciliation to income before disposition of property and condominiums and equity in </font></b><br> <b><font size=2>earnings of unconsolidated affiliates:</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Depreciation and amortization</font>                                                                                                                                                                                                                                                                                                            </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(33,424</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(30,748</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>General and administrative expense</font>                                                                                                                                                                                                                                                                                     </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(8,471</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(9,858</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Interest expense</font>                                                                                                                                                                                                                                                                                                                                                                                </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(21,976</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(24,841</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Interest and other income</font>                                                                                                                                                                                                                                                                                                                                    </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,007</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>795</font></p> </td>
        <td width="14" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Income before disposition of property and condominiums and equity in earnings of </font><br> <font size=2>unconsolidated affiliates</font>                                                                                                                                                                                                                                                                                                                                          </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,461</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="44" nowrap valign=bottom style=' border-bottom:double black 2.25pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10,352</font></p> </td>
        <td width="14" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td  valign=top style='padding:3.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Net of discontinued operations.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td  valign=top style='padding:3.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Piedmont Triad market encompasses the Greensboro and Winston-Salem metropolitan area.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(3)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Raleigh market encompasses the Raleigh, Durham, Cary and Research Triangle metropolitan area.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>40</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2><a name="toc14"></a>ITEM 2.  MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</font></b></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The Company is a fully integrated, self-administered and self-managed equity REIT that provides leasing, management, development, construction and other customer-related services for our properties and for third parties. The Company conducts virtually all of its activities through the Operating Partnership and is its sole general partner. As of March&nbsp;31,&nbsp;2009, we owned or had an interest in 382 in-service office, industrial and retail properties, encompassing approximately 35.4 million square feet, which includes eight in&#150;service office and industrial development properties that had not yet reached 95% stabilized occupancy aggregating 1.2 million square feet and a 12.5% interest in a 261,000 square foot office property directly owned by the Company (included in the Company&#146;s Consolidated Financial Statements, but not included in the Operating Partnership&#146;s
Consolidated Financial Statements), 66 for-sale condominiums and 514 rental residential units. We are based in Raleigh, North Carolina, and our properties and development land are located in Florida, Georgia, Iowa, Kansas, Maryland, Mississippi, Missouri, North Carolina, South Carolina, Tennessee and Virginia. Additional information about us can be found on our website at </font><font color="#0000FF"><u><font size=2>www.highwoods.com</font></u></font><font size=2>. Information on our website is not part of this Quarterly Report.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>You should read the following discussion and analysis in conjunction with the accompanying Consolidated Financial Statements and related notes contained elsewhere in this Quarterly Report. </font></p>

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<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small><A NAME="TOC15"></A>DISCLOSURE</small> <small>REGARDING</small> <small>FORWARD-LOOKING</small> <small>STATEMENTS</small> </b></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Some of the information in this Quarterly Report may contain forward-looking statements. Such statements include, in particular, statements about our plans, strategies and prospects under this section and under the heading "Business." You can identify forward-looking statements by our use of forward-looking terminology such as "may,&#148; "will,&#148; "expect,&#148; "anticipate,&#148; "estimate,&#148; "continue" or other similar words. Although we believe that our plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that our plans, intentions or expectations will be achieved. When considering such forward-looking statements, you should keep in mind the following important factors that could cause our actual results to differ materially from those contained in any forward-looking statement: </font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the financial condition of our tenants could deteriorate;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>we may not be able to lease or release second generation space quickly or on as favorable terms as old leases;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>we may not be able to lease our newly constructed buildings as quickly or on a favorable terms as originally anticipated;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>we may not be able to complete development, acquisition, reinvestment, disposition or joint venture projects as quickly or on as favorable terms as anticipated;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>development activity by our competitors in our existing markets could result in an excessive supply of office, industrial and retail properties relative to tenant demand;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>our southeastern and midwestern markets may suffer declines in economic growth;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>difficulties in obtaining additional capital to satisfy our future cash needs or increases in interest rates could adversely impact our ability to fund important business initiatives and increase our debt service costs;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>we may not be able to meet our liquidity requirements or obtain capital on favorable terms to fund our working capital needs and growth initiatives or to repay or refinance outstanding debt upon maturity; </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>in light of the current dislocations in the credit markets, one or more of our banking partners could suffer unexpected financial difficulties that cause them to default on their obligations under our existing </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>41</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:10.92%;text-align:justify;'><font size=2>revolving credit facility and/or revolving construction facility, which would make it difficult for us to meet our short- and long-term liquidity needs; and</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the Company could lose key executive officers.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>This list of risks and uncertainties, however, is not intended to be exhaustive. You should also review the other cautionary statements we make in &#147;Business &#150; Risk Factors&#148; set forth in our 2008 Annual Report on Form 10-K.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Given these uncertainties, you should not place undue reliance on forward-looking statements. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements to reflect any future events or circumstances or to reflect the occurrence of unanticipated events. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small><A NAME="TOC16"></A>RESULTS</small> <small>OF</small> <small>OPERATIONS</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Results for the first three months of 2008 were reclassified from previously reported amounts to reflect in discontinued operations the operations for those properties sold during 2008 and the first three months of 2009 which qualified for discontinued operations presentation and the retroactive adoption of SFAS No. 160 and FSP EITF 03-6-1.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><i><b><font size=2>Rental and Other Revenues</font></b></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>While we own and operate a limited number of industrial, retail and residential properties, our operating results depend heavily on successfully leasing and operating our office properties. Economic growth in Florida, Georgia, North Carolina and Tennessee is and will continue to be an important determinative factor in predicting our future operating results. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The key components affecting our rental and other revenues are average occupancy, rental rates, new developments placed in service, acquisitions and dispositions. Average occupancy generally increases during times of improving economic growth, as our ability to lease space outpaces vacancies that occur upon the expirations of existing leases. Average occupancy generally declines during times of slower economic growth, when new vacancies tend to outpace our ability to lease space. Asset acquisitions, dispositions and new developments placed in service directly impact our rental revenues and could impact our average occupancy, depending upon the occupancy rate of the properties that are acquired, sold or placed in service. A further indicator of the predictability of future revenues is the expected lease expirations of our portfolio. As a result, in addition to seeking to increase our
average occupancy by leasing current vacant space, we also must concentrate our leasing efforts on renewing leases on expiring space. For more information regarding our lease expirations, see &#147;Properties &#150; Lease Expirations.&#148;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Rental and other revenues from continuing operations were 2.2% higher in the first three months of 2009 as compared to the first three months of 2008 primarily due to the contribution from development properties placed in service in 2008 and the first three months of 2009, the acquisition of the PennMarc building in Memphis, TN in December 2008 and higher average rental rates, offset by lower lease termination fees, lower straight-line rental income and lower occupancy.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><i><b><font size=2>Operating Expenses</font></b></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our expenses primarily consist of rental property expenses, depreciation and amortization, general and administrative expenses and interest expense. Rental property expenses are expenses associated with our ownership and operation of rental properties and include expenses that vary somewhat proportionately to occupancy levels, such as common area maintenance and utilities, and expenses that do not vary based on occupancy, such as property taxes and insurance. Depreciation and amortization is a non-cash expense associated with the ownership of real property and generally remains relatively consistent each year, unless we buy, place in service or sell assets, since we depreciate our properties and related building and tenant improvement assets on a straight-line basis over a fixed life. General and administrative expenses, net of amounts capitalized, consist primarily of management and
employee salaries and other personnel costs, corporate overhead and long-term incentive compensation. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Rental property and other expenses were approximately 8.4% higher in the first three months of 2009 as compared to the first three months of 2008 primarily due to general inflationary increases in certain operating </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>42</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>expenses, which include utility costs and real estate taxes and from expenses of development properties placed in service in 2008 and the first three months of 2009. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Operating margin, defined as rental and other revenues less rental property and other expenses expressed as a percentage of rental and other revenues, declined to 64.0% in the first three months of 2009 as compared to 66.0% in the first three months of 2008 as a result of proportionally higher rental property and other expenses as discussed above.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Depreciation and amortization was approximately 8.7% higher in the first three months of 2009 as compared to the first three months of 2008 primarily due to development properties placed in service in 2008 and the first three months of 2009.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>General and administrative expenses were approximately 14.4% lower in the first three months of 2009 as compared to the first three months of 2008 primarily due to lower audit and legal fees, lower incentive compensation and lower salaries and fringe benefit costs.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><i><b><font size=2>Interest Expense</font></b></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Interest expense depends upon the amount of our borrowings, the weighted average interest rates on our debt and the amount of interest capitalized on development projects.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Contractual interest expense is shown net of amounts capitalized to development projects. Contractual interest expense was approximately 12.3% lower in the first three months of 2009 as compared to the first three months of 2008 due primarily to lower average borrowings as a result of our sale of common stock in September 2008 and lower weighted average interest rates on outstanding debt, partly offset by lower capitalized interest in 2009 compared to 2008 due to decreased development activity and lower average construction and development costs.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><i><b><font size=2>Discontinued Operations</font></b></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The Company classified income of $0.1 million and $4.4 million as discontinued operations in the first three months of 2009 and the first three months of 2008, respectively. These amounts relate to 0.7 million square feet of office and industrial properties and 13 rental residential units sold during 2008 and the first three months of 2009, and include net gains on the sale of these properties of $0.1 million and $3.7 million in the first three months of 2009 and the first three months of 2008, respectively. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><i><b><font size=2>Dividends on Preferred Equity </font></b></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Dividends on preferred equity were approximately 40.9% lower in the first three months of 2009 as compared to the first three months of 2008 due to the retirement of $53.8 million of preferred equity in September 2008.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>43</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small><A NAME="TOC17"></A>LIQUIDITY</small> <small>AND</small> <small>CAPITAL</small> <small>RESOURCES</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Overview</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>We generally use rents received from customers to fund our operating expenses, recurring capital expenditures and distributions. To fund property acquisitions, development activity or building renovations and repay debt upon maturity, we may sell assets and/or obtain new debt. Our debt generally consists of mortgage debt, unsecured debt securities and borrowings under our secured and unsecured credit facilities. We also may sell or issue common or preferred equity to fund additional growth or to reduce our debt. To generate additional capital to fund our growth and other strategic initiatives and to lessen the ownership risks typically associated with owning 100.0% of a property, we may also sell or contribute some of our properties to joint ventures.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our goal is to maintain a conservative and flexible balance sheet. Our $450.0 million unsecured revolving credit facility is scheduled to mature on May&nbsp;1,&nbsp;2010. We have sufficient borrowing availability under our revolving credit facility to retire the approximate $118 million of debt, as measured as of May&nbsp;1,&nbsp;2009, that will mature (including approximately $5.1 million of required principal amortization payments relating to debt that matures in future years) during the remainder of 2009 and fund the remaining costs of our current development pipeline. In January 2009, we paid off at maturity $50.0 million of 8.125% unsecured notes using borrowings under our revolving credit facility. Because the cost and availability of credit, however, has been and may continue to be adversely affected by illiquid credit markets and wider credit spreads, we expect to use less cash
for investing activities in the remainder of 2009 than in prior years. Based on management&#146;s view of current and future market conditions, we expect to generate a positive amount of cash from operating activities during the remainder of 2009. We currently intend to use any such positive net cash flows from operating activities after payment of distributions and recurring capital expenditures, together with the proceeds from projected non-core property dispositions and projected new debt financings, to reduce outstanding debt balances in the remainder of 2009. These forward-looking statements are subject to risks and uncertainties. See &#147;&#151;Disclosure Regarding Forward-Looking Statements.&#148;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Statements of Cash Flows</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>As required by GAAP, we report and analyze our cash flows based on operating activities, investing activities and financing activities. The following table sets forth the changes in the Company&#146;s cash flows ($&nbsp;in thousands):</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended</font></b><br> <b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="11" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Change</font></b></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Cash Provided By Operating Activities</font>                                                                                                                                                                                                                          </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="46" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>45,621</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="46" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>20,814</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="46" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>24,807</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Cash Used In Investing Activities</font>                                                                                                                                                                                                                                                     </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(34,839</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(44,920</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10,081</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Cash (Used In)/Provided by Financing Activities</font>                                                                                                                                                                             </p> </td>
        <td width="10" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(16,782</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>27,561</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(44,343</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Total Cash Flows</font>                                                                                                                                                                                                                                                                                                                                 </p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="46" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(6,000</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="46" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,455</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="46" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(9,455</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In calculating cash flow from operating activities, depreciation and amortization, which are non-cash expenses, are added back to net income. As a result, we have historically generated a positive amount of cash from operating activities. From period to period, cash flow from operations depends primarily upon changes in our net income, as discussed more fully above under &#147;Results of Operations,&#148; changes in receivables and payables, and net additions or decreases in our overall portfolio, which affect the amount of depreciation and amortization expense.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Cash provided by or used in investing activities generally relates to capitalized costs incurred for leasing and major building improvements and our acquisition, development, disposition and joint venture activity. During periods of significant net acquisition and/or development activity, our cash used in such investing activities will generally exceed cash provided by investing activities, which typically consists of cash received upon the sale of properties and distributions of capital from our joint ventures. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Cash used in financing activities generally relates to distributions, incurrence and repayment of debt and sales, repurchases or redemptions of Common Stock, Common Units and Preferred Stock. As discussed previously, we use a significant amount of our cash to fund distributions. Whether or not we have increases in the outstanding balances of debt during a period depends generally upon the net effect of our acquisition, disposition, development and joint venture activity. We use our revolving credit facility for working capital purposes, which means that </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>44</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>during any given period, in order to minimize interest expense, we will likely record significant repayments and borrowings under our revolving credit facility.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The increase of $24.8 million in cash provided by operating activities of the Company in the first three months of 2009 compared to the first three months of 2008 was primarily the result of the net increase in the change in operating assets and liabilities as well as cash flows from net income as adjusted for changes in depreciation and amortization, gains on disposition of properties, and equity in earnings of unconsolidated affiliates. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The decrease of $10.1 million in cash used in investing activities in the first three months of 2009 compared to the first three months of 2008 was primarily the result of lower capital expenditures and higher proceeds from the dispositions of for-sale residential condominiums, partially offset by lower proceeds from disposition of real estate assets, lower repayments in notes receivable, and changes in restricted cash and other investing activities. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The decrease of $44.3 million in cash used in or provided by financing activities in the first three months of 2009 compared to the first three months of 2008 was primarily the result of lower net borrowings from mortgages and notes payable and our revolving credit facility and higher distributions resulting from an increase in the number of shares of Common Stock outstanding from our sale of common stock in September 2008, partly offset by lower distributions on preferred equity and lower repurchases of common equity.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Capitalization</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The following table sets forth the Company&#146;s capitalization (in thousands, except per share amounts):</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="99%" style='margin-left:.1pt;border-collapse:collapse'>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>March</font></b><font size=1>&nbsp;</font><b><font size=1>31,</font></b><br> <b><font size=1>2009</font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>December 31,</font></b><br> <b><font size=1>2008</font></b></p> </td>
        <td width="10" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Mortgages and notes payable, at recorded book value</font>                                                                                                                                                                     </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="56" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,619,276</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="56" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,604,685</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Financing obligations</font>                                                                                                                                                                                                                                                                                                                               </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="56" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>34,509</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="56" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>34,174</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Preferred Stock, at liquidation value</font>                                                                                                                                                                                                                                                         </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="56" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>81,592</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="56" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>81,592</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="56" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="56" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Common Stock outstanding</font>                                                                                                                                                                                                                                                                                               </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="56" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>63,763</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="56" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>63,572</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Noncontrolling interest partnership units</font>                                                                                                                                                                                                                               </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="56" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,067</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="56" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,067</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="56" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="56" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Per share  stock price at period</font>                                                                                                                                                                                                                                                                               </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="56" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>21.42</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="56" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>27.36</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Market value of Common Stock and Common Units</font>                                                                                                                                                                         </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="56" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,452,919</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="56" nowrap valign=bottom style='border-bottom: solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,850,603</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Total market capitalization with debt and obligations</font>                                                                                                                                                                      </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="56" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,188,296</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="56" nowrap valign=bottom style='border-bottom: double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,571,054</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Based on our total market capitalization of approximately $3.2 billion as of March&nbsp;31,&nbsp;2009 (at the March&nbsp;31,&nbsp;2009 per share stock price of $21.42 and assuming the redemption for shares of Common Stock of the approximate 4.1 million Common Units not owned by the Company), our mortgages and notes payable represented 50.8% of our total market capitalization. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Mortgages and notes payable as of March&nbsp;31,&nbsp;2009 was comprised of $665.7 million of secured indebtedness with a weighted average interest rate of 6.34% and $953.5 million of unsecured indebtedness with a weighted average interest rate of 4.77%. As of March&nbsp;31,&nbsp;2009, our outstanding mortgages and notes payable and financing obligations were secured by real estate assets with an aggregate undepreciated book value of approximately $1.1 billion.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>45</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Current and Future Cash Needs</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Rental and other revenues are our principal source of funds to meet our short-term liquidity requirements. Other sources of funds for short-term liquidity needs include available working capital and borrowings under our revolving credit facility and revolving construction credit facility (which had $250.7 million and $34.6 million of availability, respectively, as of May&nbsp;1,&nbsp;2009). Our short-term liquidity requirements primarily consist of operating expenses, interest and principal amortization on our debt, distributions, any payments under guarantee obligations and recurring capital expenditures, including building improvement costs, tenant improvement costs and lease commissions. Building improvements are recurring capital costs not related to a specific customer to maintain existing buildings. Recurring tenant improvements are the costs required to customize space for the
specific needs of customers in spaces other than in new development projects. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Notwithstanding the ongoing turbulence and uncertainty in the global capital markets, such as widening credit spreads and tightening underwriting standards which have negatively impacted the availability of capital across many industries, we anticipate that our available cash and cash equivalents and cash flows from operating activities, with cash available from borrowings under our credit facilities, will be adequate to meet our short-term liquidity requirements. We have sufficient borrowing availability under our revolving credit facility to retire the approximate $118 million of debt, as measured as of May&nbsp;1,&nbsp;2009, that will mature (including approximately $5.1 million of required principal amortization payments relating to debt that matures in future years) during the remainder of 2009 and fund the remaining costs of our current development pipeline. If these sources of
funds are insufficient or unavailable, our ability to pay distributions and satisfy other cash payments may be adversely affected. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our long-term liquidity uses generally consist of the retirement or refinancing of debt upon maturity (including mortgage debt, our revolving and construction credit facilities, term loans and other unsecured debt), funding of existing and new building development or land infrastructure projects and funding acquisitions of buildings and development land. Excluding recurring capital expenditures for leasing costs and tenant improvements and for normal building improvements, our expected future capital expenditures for started and/or committed new development projects were approximately $36.7 million as of March&nbsp;31,&nbsp;2009. A significant portion of these future expenditures are currently subject to binding contractual arrangements. Additionally, we may from time to time retire some or all of our remaining outstanding Preferred Stock and/or unsecured debt securities through
redemptions, open market repurchases, privately negotiated acquisitions or otherwise.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>We expect to meet our liquidity needs through a combination of:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>positive net cash flows from operating activities after payment of distributions and recurring capital expenditures;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>unsecured borrowings under our existing revolving credit facility or new financing arrangements that we may obtain;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>secured borrowings under existing construction facilities or new financing arrangements that we may obtain (as of March&nbsp;31,&nbsp;2009, we had approximately $2.3 billion of unencumbered real estate assets at undepreciated cost);</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the disposition of non-core assets;</font></p> </td> </tr></table>
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        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the issuance by the Operating Partnership of unsecured debt securities;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the issuance of equity securities by the Company and the Operating Partnership; and</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the sale or contribution of some of our Wholly Owned Properties, development projects and development land to strategic joint ventures to be formed with unrelated investors, which would have the net effect of generating additional capital through such sale or contributions.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>46</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Financing Structure and Activity</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In January&nbsp;2009, we paid off at maturity $50.0 million of 8.125% unsecured notes using borrowings under our revolving credit facility.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In March 2009, we obtained a $20.0 million, three-year unsecured term loan with a bank lender. This loan bears interest at LIBOR plus 250 basis points, subject to a minimum total interest rate of 3.9%.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our $70.0 million secured construction facility, which bears interest at LIBOR plus 85 basis points, is initially scheduled to mature on December&nbsp;20,&nbsp;2010. Assuming no defaults have occurred, we have options to extend the maturity date for two successive one-year periods. As of March&nbsp;31,&nbsp;2009, $30.9 million of borrowings were outstanding under the construction facility.</font><b><font size=2> </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our $450.0 million unsecured revolving credit facility is scheduled to mature on May&nbsp;1,&nbsp;2010. We depend on our revolving credit facility for working capital purposes and for the short-term funding of our development and acquisition activity and, in certain instances, the repayment of other debt upon maturity. Continuing ability to borrow under the revolving credit facility allows us to quickly capitalize on accretive opportunities at short-term interest rates. If our lenders default under their obligations under the revolving credit facility or we become unable to borrow additional funds under the facility for any reason, we would be required to sell additional assets or seek alternative equity or debt capital, which could be more costly and adversely impact our financial condition. If such alternative capital were unavailable, we would not be able to make new investments and
could have difficulty repaying other debt.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The interest rate under our revolving credit facility is LIBOR plus 80 basis points and the annual base facility fee is 20 basis points. The interest rate would increase to LIBOR plus 140 or 155 basis points if our credit rating were to fall below investment grade according to two of three credit rating agencies. As of March&nbsp;31,&nbsp;2009, $197.0 million of borrowings were outstanding under our revolving credit facility.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>We have $1.3 million of outstanding letters of credit as of March&nbsp;31,&nbsp;2009, which reduces the availability on our revolving credit facility. As a result, the unused capacity of our revolving credit facility as of March&nbsp;31,&nbsp;2009 was $251.7 million.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>We regularly evaluate the financial condition of the lenders that participate in our credit facilities using publicly available information, particularly in light of the current dislocations in the credit markets. Based on this review, we currently expect our lenders, which are major financial institutions, to perform their obligations under our existing facilities. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Covenant Compliance </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The Operating Partnership has $400 million principal amount of 2017 bonds outstanding and $200 million principal amount of 2018 bonds outstanding. The indenture that governs these outstanding notes requires us to comply with customary operating covenants and various financial ratios, including a requirement that we maintain unencumbered assets of at least 200% of all outstanding unsecured debt. The trustee or the holders of at least 25% in principal amount of either series of bonds can accelerate the principal amount of such series upon written notice of a default that remains uncured after 60 days.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Our revolving credit facility and our bank term loans also require us to comply with customary operating covenants and various financial requirements, including a requirement that we maintain a ratio of total liabilities to total asset value of no more than 60%. For purposes of the revolving credit facility, total asset value depends upon the effective economic capitalization rate (after deducting capital expenditures) used to determine the value of our buildings. Depending upon general economic conditions, the lenders have the good faith right to unilaterally increase the capitalization rate by up to 25 basis points once each calendar year. Any such increase in capitalization rates, without a corresponding reduction in total liabilities, could make it more difficult for us to maintain a ratio of total liabilities to total asset value of no more than 60%, which could have an adverse
effect on our ability to borrow additional funds under the revolving credit facility. Upon an event of default, lenders having at least 66.7% of the total commitments under the revolving credit facility can accelerate all borrowings then outstanding and prohibit us </font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>from borrowing any further amounts under our revolving credit facility, which would adversely affect our ability to fund our operations. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>We are currently in compliance with all such covenants and requirements. Although we expect to remain in compliance with these covenants and ratios through the end of 2009, depending upon our future operating performance, property and financing transactions and general economic conditions, we cannot assure you that we will continue to be in compliance. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>We may not be able to repay, refinance or extend any or all of our debt at maturity or upon any acceleration. If any refinancing is done at higher interest rates, the increased interest expense could adversely affect our cash flow and ability to pay dividends. Any such refinancing could also impose tighter financial ratios and other covenants that restrict our ability to take actions that could otherwise be in our best interest, such as funding new development activity, making opportunistic acquisitions, repurchasing our securities or paying dividends.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Off Balance Sheet Arrangements</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>We have several off balance sheet joint venture and guarantee arrangements. The joint ventures were formed with unrelated investors to generate additional capital to fund property acquisitions, repay outstanding debt, fund other strategic initiatives and lessen the risks typically associated with owning 100% of a property. When we create a joint venture with a partner, we usually contribute cash or wholly owned assets to a newly formed entity in which we retain a noncontrolling interest. For financial reporting purposes, certain assets we sold have been accounted for as financing arrangements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>As discussed in Note 1 to our Consolidated Financial Statements, we generally account for our investments in less than majority owned joint ventures, partnerships and limited liability companies under the equity method of accounting. As a result, the assets and liabilities of these joint ventures are not included in our balance sheet and the results of operations of these joint ventures are not included in our income statement, other than as equity in earnings of unconsolidated affiliates. Generally, we are not liable for the debts of our joint ventures, except to the extent of our equity investment, unless we have directly guaranteed any of that debt. In most cases, we and/or our joint venture partners are required to agree to customary limited exceptions to non-recourse liability in non-recourse loans.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>As of March&nbsp;31,&nbsp;2009, our unconsolidated joint ventures had $829.6 million of total assets and $645.4 million of total liabilities as reflected in their financial statements. As of March&nbsp;31,&nbsp;2009, our weighted average equity interest based on the total assets of these unconsolidated joint ventures was 36.8%. During the three months ended March&nbsp;31,&nbsp;2009, these unconsolidated joint ventures earned $2.4 million of total net income, of which our share, after appropriate purchase accounting and other adjustments, was $1.3 million. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>As of March&nbsp;31,&nbsp;2009, our unconsolidated joint ventures had $612.8 million of outstanding mortgage debt. All of this joint venture debt is non-recourse to us except (1) in the case of customary exceptions pertaining to such matters as misuse of funds, environmental conditions and material misrepresentations and (2) those guarantees and loans described in Note 14 to the Consolidated Financial Statements in our 2008 Annual Report on Form 10-K. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Interest Rate Hedging Activities</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>To meet, in part, our liquidity requirements, we borrow funds at a combination of fixed and variable rates. Borrowings under our revolving credit facility, construction facility and bank term loans bear interest at variable rates. Our long-term debt, which consists of secured and unsecured long-term financings and the issuance of unsecured debt securities, typically bears interest at fixed rates although some loans bear interest at variable rates. Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flows and to lower our overall borrowing costs. To achieve these objectives, from time to time, we may enter into interest rate hedge contracts such as collars, swaps, caps and treasury lock agreements in order to mitigate our interest rate risk with respect to various debt instruments. We do not hold or issue these derivative
contracts for trading or speculative purposes. The interest rate on all of our variable rate debt is adjusted at one and three month intervals, subject to settlements under these interest rate hedge contracts. We also enter into treasury lock agreements from time to time in order to limit our exposure to an increase in interest rates with respect to future debt offerings. </font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In prior periods, we entered into certain interest rate hedging arrangements which were designated and are being accounted for as cash flow hedges. The effective portion of these arrangements, representing deferred interest expense, was $0.8 million as of March&nbsp;31,&nbsp;2009 and is included in AOCL. This deferred expense will be recognized as an addition to interest expense in the same periods during which interest expense on the hedged financings affects net income. We expect approximately $0.2 million will be recognized as a decrease to interest expense within the next 12 months. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In January 2008, we entered into two floating-to-fixed interest rate swaps for a one-year period with respect to an aggregate of $50.0 million of borrowings outstanding under our revolving credit facility or other floating rate debt. These swaps fixed the underlying LIBOR rate upon which interest on such borrowings was based at 3.26% for $30.0 million of borrowings and 3.24% for $20.0 million of borrowings. These swaps were designated and accounted for as cash flow hedges and matured in January 2009.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In April 2008, we entered into a floating-to-fixed interest rate swap for a two-year period with respect to an aggregate of $50.0 million of borrowings outstanding under our term loan or other floating rate debt. The swap fixes the underlying LIBOR rate upon which interest on such borrowings is based at 2.52%. The counterparty under this swap is Bank of America, N.A. The swap was designated and is being accounted for as a cash flow hedge. The effective portion of the swap representing deferred interest expense was $0.9 million as of March&nbsp;31,&nbsp;2009 and is included in AOCL. We expect all of the balance to be recognized as an increase to interest expense within the next 12 months.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In October&nbsp;2008, we entered into a floating-to-fixed interest rate swap for a one-year period with respect to an aggregate of $25.0 million of borrowings outstanding under our term loan or other floating rate debt. The swap fixes the underlying LIBOR rate upon which interest on such borrowings is based at 2.35%. The counterparty under this swap is PNC Bank, N.A. The swap was designated and is being accounted for as a cash flow hedge. The effective portion of the swap representing deferred interest expense was $0.2 million as of March&nbsp;31,&nbsp;2009 and is included in AOCL. We expect all of the balance to be recognized as an increase to interest expense within the next 12 months.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small><A NAME="TOC18"></A>CRITICAL</small> <small>ACCOUNTING</small> <small>ESTIMATES</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>There were no changes to the critical accounting policies made by management in the three months ended March&nbsp;31,&nbsp;2009, except as set forth in Note 1 to the Consolidated Financial Statements under &#147;Basis of Presentation.&#148; For a description of our critical accounting estimates, see &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Estimates&#148; in our 2008 Annual Report on Form 10-K.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><small><A NAME="TOC19"></A>FUNDS</small> <small>FROM</small> <small>OPERATIONS</small> </b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The Company believes that FFO and FFO per common share are beneficial to management and investors and are important indicators of the performance of any equity REIT. Because FFO and FFO per common share calculations exclude such factors as depreciation and amortization of real estate assets and gains or losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful life estimates), they facilitate comparisons of operating performance between periods and between other REITs. Management believes that historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have
considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. As a result, management believes that the use of FFO and FFO per common share, together with the required GAAP presentations, provide a more complete understanding of the Company&#146;s performance relative to its competitors and a more informed and appropriate basis on which to make decisions involving operating, financing and investing activities.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>FFO and FFO per common share as disclosed by other REITs may not be comparable to the Company&#146;s calculation of FFO and FFO per common share as described below. However, you should be aware that FFO and FFO per common share are non-GAAP financial measures and therefore do not represent net income or net income per share as defined by GAAP. Net income and net income per share as defined by GAAP are the most relevant measures in determining the Company&#146;s operating performance because FFO and FFO per common share include adjustments that investors may deem subjective, such as adding back expenses such as depreciation and </font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>amortization. Furthermore, FFO per common share does not depict the amount that accrues directly to the stockholders&#146; benefit. Accordingly, FFO and FFO per common share should never be considered as alternatives to net income or net income per share as indicators of the Company&#146;s operating performance.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The Company&#146;s calculation of FFO, which it believes is consistent with the calculation of FFO as defined by the National Association of Real Estate Investment Trusts (&#147;NAREIT&#148;) and which appropriately excludes the cost of capital improvements and related capitalized interest, is as follows:</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income (loss) computed in accordance with GAAP;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Less dividends to holders of Preferred Stock;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Less net income attributable to noncontrolling interests;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Plus depreciation and amortization of assets uniquely significant to the real estate industry;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Less gains, or plus losses, from sales of depreciable operating properties (but excluding impairment losses) and excluding items that are classified as extraordinary items under GAAP;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Plus or minus adjustments for unconsolidated partnerships and joint ventures (to reflect funds from operations on the same basis); and</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="7%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Plus or minus adjustments for depreciation and amortization and gains/(losses) on sales related to discontinued operations.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Further, in calculating FFO, the Company adds back net income attributable to noncontrolling interests in the Operating Partnership, which the Company believes is consistent with standard industry practice for REITs that operate through an UPREIT structure. The Company believes that it is important to present FFO on an as-converted basis since all of the Common Units not owned by the Company are redeemable on a one-for-one basis for shares of its Common Stock.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than we do.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>50</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>The Company&#146;s FFO and FFO per common share are summarized in the following table ($ in thousands, except per share amounts): </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="11" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Three Months Ended March 31,</font></b></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2009</font></b></p> </td>
        <td width="6" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>2008</font></b></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Amount</font></b></p> </td>
        <td width="6" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Per</font></b><br> <b><font size=1>Share</font></b></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Amount</font></b></p> </td>
        <td width="5" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=1>Per</font></b><br> <b><font size=1>Share</font></b></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><b><font size=2>Funds from operations:</font></b></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style=' border-top:solid black 1.0pt; background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom style='border-top: solid black 1.0pt;background: #C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Net income</font>                                                                                                                                                                                                                                                                                                                                              </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,200</font></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,734</font></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Net income attributable to noncontrolling interests in the Operating Partnership</font>       </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(694</font></p> </td>
        <td width="6" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(893</font></p> </td>
        <td width="5" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font face="Arial" size=2>)</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Net income attributable to noncontrolling interests in consolidated affiliates</font>                            </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(18</font></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(198</font></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font face="Arial" size=2>)</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Dividends on preferred stock</font>                                                                                                                                                                                                                                                         </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(1,677</font></p> </td>
        <td width="6" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(2,838</font></p> </td>
        <td width="5" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font face="Arial" size=2>)</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Net income available for common stockholders</font>                                                                                                                                                                     </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10,811</font></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="37" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.17</font></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style=' border-top:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12,805</font></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="37" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.22</font></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Add/(Deduct):</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Depreciation and amortization of real estate assets</font>                                                                                                                           </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>32,981</font></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.48</font></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>30,191</font></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.49</font></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>(Gains) on disposition of depreciable properties</font>                                                                                                                                      </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(19</font></p> </td>
        <td width="6" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="6" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="5" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="5" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Noncontrolling interests in the Operating Partnership</font>                                                                                                             </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>694</font></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>893</font></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Unconsolidated affiliates:</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Depreciation and amortization of real estate assets</font>                                                                                                   </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,250</font></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.05</font></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,935</font></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.05</font></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:.5in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Discontinued operations:</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=2>Depreciation and amortization of real estate assets</font>                                                                                                   </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>361</font></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.01</font></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td valign=top style='background:#C6D9F1'>
            <p style='margin-left:.75in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>(Gains) on disposition of depreciable properties</font>                                                                                                              </p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(73</font></p> </td>
        <td width="6" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="6" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(3,726</font></p> </td>
        <td width="5" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(0.06</font></p> </td>
        <td width="5" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>Funds from operations</font>                                                                                                                                                                                                                                                                                       </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="43" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>47,644</font></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="37" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.70</font></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="43" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>43,459</font></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="37" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  '>
            <p style='margin-left:0pt;text-indent:3.0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>0.71</font></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top style='background:#C6D9F1; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="11" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style=' background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom style='background:#C6D9F1'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td nowrap valign=top >
            <p style='margin-left:20.0pt;text-indent:-20.0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><b><font size=2>Weighted average shares outstanding </font><font size=1>(1),(2)</font></b>                                                                                                                                                                                           </p> </td>
        <td width="11" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style=' border-bottom:double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>67,705</font></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="43" nowrap valign=bottom style=' border-bottom:double black 2.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>61,416</font></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="37" nowrap valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=bottom >
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;line-height:50%;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Includes assumed conversion of all potentially dilutive Common Stock equivalents. </font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Weighted average shares outstanding as of March 31, 2008 have been revised from previously reported amounts to include our total number of restricted shares in accordance with FSP EITF 03-6-1. </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2><a name="toc20"></a>ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>For information about our market risk as of December&nbsp;31,&nbsp;2008, see &#147;Quantitative and Qualitative Disclosures About Market Risk&#148; in our 2008 Annual Report on Form 10-K. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2><a name="toc21"></a>ITEM 4.  CONTROLS AND PROCEDURES</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>SEC rules require us to maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our annual and periodic reports filed with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC&#146;s rules and forms. As defined in Rule 13a-15(e) under the Exchange Act, disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us is accumulated and communicated to management, including the Company&#146;s CEO and CFO, to allow timely decisions regarding required disclosure. The Company&#146;s CEO and CFO believe that our disclosure controls and procedures were effective at the end of the period covered by this Quarterly Report.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>SEC rules also require us to establish and maintain internal control over financial reporting designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepting accounting principles. As defined in Rule 13a-15(f) under the Exchange Act, internal control over financial reporting includes those policies and procedures that: </font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>pertain to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and dispositions of assets;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepting accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and directors; and</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the consolidated financial statements.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>There were no changes in our internal control over financial reporting during the first three months of 2009 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=1><a href="#TOC1">Table of Contents</a></font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small><A NAME="TOC22"></A>PART</small> <small>II</small> <small>-</small> <small>OTHER</small> <small>INFORMATION</small></b></p>

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<p style=' margin-bottom:0pt; margin-top:4pt;text-align:center;'><b><font size=2><a name="toc23"></a>ITEM 6.  EXHIBITS</font></b></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Description</font></b></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>31.1</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Certification Pursuant to Section 302 of the Sarbanes-Oxley Act</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>31.2</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Certification Pursuant to Section 302 of the Sarbanes-Oxley Act</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>31.3</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Certification Pursuant to Section 302 of the Sarbanes-Oxley Act</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>31.4</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Certification Pursuant to Section 302 of the Sarbanes-Oxley Act</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>32.1</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>32.2</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>32.3</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>32.4</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>53</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small>SIGNATURES</small></b></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><small>HIGHWOODS</small> <small>PROPERTIES,</small> <small>INC.</small>  </p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'>  </p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:&nbsp;</font></p> </td>
        <td width="41%" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><br> <font size=2>/s/ </font><small>TERRY</small> <small>L.</small> <small>STEVENS</small></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><b><font size=1>Terry L. Stevens</font></b></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><font size=1>Senior Vice President and Chief Financial Officer</font></i></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i>&nbsp;</i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4.31%;text-align:left;'><font size=2>&nbsp;</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><small>HIGHWOODS</small> <small>REALTY</small> <small>LIMITED</small> <small>PARTNERSHIP</small>  </p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>By: Highwoods Properties, Inc., its sole general partner</font>  </p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'>  </p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:&nbsp;</font></p> </td>
        <td width="41%" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><br> <font size=2>/s/ </font><small>TERRY</small> <small>L.</small> <small>STEVENS</small></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="41%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><b><font size=1>Terry L. Stevens</font></b></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="41%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i><font size=1>Senior Vice President and Chief Financial Officer</font></i></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="41%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><i>&nbsp;</i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Date: May&nbsp;8,&nbsp;2009</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>54</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<TYPE>EX-31
<SEQUENCE>2
<FILENAME>exh31_2.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 302
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Exhibit 31.2</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small>CERTIFICATION</small> <small>PURSUANT</small> <small>TO</small> <small>SECTION</small> 302</b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small>OF</small> <small>THE</small> <small>SARBANES-OXLEY</small> <small>ACT</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>I, Terry L. Stevens, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this quarterly report on Form 10-Q of Highwoods Properties Inc.;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this quarterly report;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Registrant&#146;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and we have:</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>disclosed in this report any change in the Registrant&#146;s internal control over financial reporting that occurred during the Registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant&#146;s internal control over financial reporting.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:11.54%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Registrant&#146;s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant&#146;s auditors and the Audit Committee of Registrant&#146;s Board of Directors (or persons performing the equivalent functions):</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:11.54%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant&#146;s ability to record, process, summarize and report financial information; and</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:11.54%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant&#146;s internal control over financial reporting.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Date: May&nbsp;8,&nbsp;2009</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><br> <font size=2>/s/ </font><small>TERRY</small> <small>L.</small> <small>STEVENS</small></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Terry L. Stevens</font><br> <font size=2>Senior Vice President and Chief Financial Officer</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>&nbsp;</font>
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<TYPE>EX-31
<SEQUENCE>3
<FILENAME>exh31_3.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 302
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Exhibit 31.3</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small>CERTIFICATION</small> <small>PURSUANT</small> <small>TO</small> <small>SECTION</small> 302</b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small>OF</small> <small>THE</small> <small>SARBANES-OXLEY</small> <small>ACT</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>I, Edward J. Fritsch, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this quarterly report on Form 10-Q of Highwoods Realty Limited Partnership;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this quarterly report;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Registrant&#146;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and we have:</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>disclosed in this report any change in the Registrant&#146;s internal control over financial reporting that occurred during the Registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant&#146;s internal control over financial reporting.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Registrant&#146;s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant&#146;s auditors and the Audit Committee of Registrant&#146;s Board of Directors (or persons performing the equivalent functions):</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:11.54%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant&#146;s ability to record, process, summarize and report financial information; and</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:11.54%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant&#146;s internal control over financial reporting.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Date: May&nbsp;8,&nbsp;2009</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><br> <font size=2>/s/ </font><small>EDWARD</small> <small>J.</small> <small>FRITSCH</small></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Edward J. Fritsch</font><br> <font size=2>President and Chief Executive Officer of the General Partner</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
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<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>4
<FILENAME>exh31_4.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 302
<TEXT>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Exhibit 31.4</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small>CERTIFICATION</small> <small>PURSUANT</small> <small>TO</small> <small>SECTION</small> 302</b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small>OF</small> <small>THE</small> <small>SARBANES-OXLEY</small> <small>ACT</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>I, Terry L. Stevens, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this quarterly report on Form 10-Q of Highwoods Realty Limited Partnership;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this quarterly report;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Registrant&#146;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and we have:</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>disclosed in this report any change in the Registrant&#146;s internal control over financial reporting that occurred during the Registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant&#146;s internal control over financial reporting.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:11.54%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Registrant&#146;s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant&#146;s auditors and the Audit Committee of Registrant&#146;s Board of Directors (or persons performing the equivalent functions):</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:11.54%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="7%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant&#146;s ability to record, process, summarize and report financial information; and</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:11.54%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
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        <td width="7%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant&#146;s internal control over financial reporting.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Date: May&nbsp;8,&nbsp;2009</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="66%" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="96%" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><br> <font size=2>/s/ </font><small>TERRY</small> <small>L.</small> <small>STEVENS</small></p> </td>
        <td width="3%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Terry L. Stevens</font><br> <font size=2>Senior Vice President and Chief Financial Officer of the General Partner</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>&nbsp;</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>5
<FILENAME>exh32_1.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 906
<TEXT>
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<HEAD>
<TITLE> </TITLE>
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<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Exhibit 32.1</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small>CERTIFICATION</small> <small>PURSUANT</small> <small>TO</small> <small>SECTION</small> 906</b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small>OF</small> <small>THE</small> <small>SARBANES-OXLEY</small> <small>ACT</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In connection with the Quarterly Report of Highwoods Properties, Inc. (the &#147;Company&#148;) on Form 10-Q for the period ended March&nbsp;31,&nbsp;2009 as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Edward J. Fritsch, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. &sect; 1350, as adopted pursuant to &sect; 906 of the Sarbanes-Oxley Act of 2002, that:</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
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        <td width="3%" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="3%" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="46%" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="95%" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><br> <font size=2>/s/ </font><small>EDWARD</small> <small>J.</small> <small>FRITSCH</small></p> </td>
        <td width="4%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="95%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Edward J. Fritsch</font><br> <font size=2>President and Chief Executive Officer</font></p> </td>
        <td width="4%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="95%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>May&nbsp;8,&nbsp;2009</font></p> </td>
        <td width="4%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>&nbsp;</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>6
<FILENAME>exh32_2.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 906
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
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<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>



<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Exhibit 32.2</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small>CERTIFICATION</small> <small>PURSUANT</small> <small>TO</small> <small>SECTION</small> 906</b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small>OF</small> <small>THE</small> <small>SARBANES-OXLEY</small> <small>ACT</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In connection with the Quarterly Report of Highwoods Properties, Inc. (the &#147;Company&#148;) on Form 10-Q for the period ended March&nbsp;31,&nbsp;2009 as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Terry L. Stevens, Senior Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. &sect; 1350, as adopted pursuant to &sect; 906 of the Sarbanes-Oxley Act of 2002, that:</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
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        <td width="3%" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="3%" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="46%" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="95%" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><br> <font size=2>/s/ </font><small>TERRY</small> <small>L.</small> <small>STEVENS</small></p> </td>
        <td width="4%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="95%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Terry L. Stevens</font><br> <font size=2>Senior Vice President and Chief Financial Officer</font></p> </td>
        <td width="4%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="95%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>May&nbsp;8,&nbsp;2009</font></p> </td>
        <td width="4%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>&nbsp;</font>
</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>7
<FILENAME>exh32_3.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 906
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
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<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Exhibit 32.3</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small>CERTIFICATION</small> <small>PURSUANT</small> <small>TO</small> <small>SECTION</small> 906</b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small>OF</small> <small>THE</small> <small>SARBANES-OXLEY</small> <small>ACT</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In connection with the Quarterly Report of Highwoods Realty Limited Partnership (the &#147;Operating Partnership&#148;) on Form 10-Q for the period ended March&nbsp;31,&nbsp;2009 as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Edward J. Fritsch, President and Chief Executive Officer of Highwoods Properties, Inc., general partner of the Operating Partnership, certify, pursuant to 18 U.S.C. &sect; 1350, as adopted pursuant to &sect; 906 of the Sarbanes-Oxley Act of 2002, that:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="3%" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="3%" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="55%" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="96%" valign=bottom style='border-bottom: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><br> <font size=2>/s/ </font><small>EDWARD</small> <small>J.</small> <small>FRITSCH</small></p> </td>
        <td width="3%" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="96%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Edward J. Fritsch</font><br> <font size=2>President and Chief Executive Officer of the General Partner</font></p> </td>
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>May&nbsp;8,&nbsp;2009</font></p> </td>
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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>8
<FILENAME>exh32_4.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 906
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Exhibit 32.4</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small>CERTIFICATION</small> <small>PURSUANT</small> <small>TO</small> <small>SECTION</small> 906</b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small>OF</small> <small>THE</small> <small>SARBANES-OXLEY</small> <small>ACT</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.85%;text-align:justify;'><font size=2>In connection with the Quarterly Report of Highwoods Realty Limited Partnership (the &#147;Operating Partnership&#148;) on Form 10-Q for the period ended March&nbsp;31,&nbsp;2009 as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Terry L. Stevens, Senior Vice President and Chief Financial Officer of Highwoods Properties, Inc., general partner of the Operating Partnership, certify, pursuant to 18 U.S.C. &sect; 1350, as adopted pursuant to &sect; 906 of the Sarbanes-Oxley Act of 2002, that:</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><br> <font size=2>/s/ </font><small>TERRY</small> <small>L.</small> <small>STEVENS</small></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Terry L. Stevens</font><br> <font size=2>Senior Vice President and Chief Financial Officer of the General Partner</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>May&nbsp;8,&nbsp;2009</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
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<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>9
<FILENAME>exh31_1.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 302
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<div TITLE="EE+ Page Header">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Exhibit 31.1</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small>CERTIFICATION</small> <small>PURSUANT</small> <small>TO</small> <small>SECTION</small> 302</b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><small>OF</small> <small>THE</small> <small>SARBANES-OXLEY</small> <small>ACT</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>I, Edward J. Fritsch, certify that: </font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this quarterly report on Form 10-Q of Highwoods Properties Inc.;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this quarterly report;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:-3.85%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Registrant&#146;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and we have:</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>disclosed in this report any change in the Registrant&#146;s internal control over financial reporting that occurred during the Registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant&#146;s internal control over financial reporting.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>The Registrant&#146;s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant&#146;s auditors and the Audit Committee of Registrant&#146;s Board of Directors (or persons performing the equivalent functions):</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant&#146;s ability to record, process, summarize and report financial information; and</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant&#146;s internal control over financial reporting.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Date: May&nbsp;8,&nbsp;2009</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><br> <font size=2>/s/ </font><small>EDWARD</small> <small>J.</small> <small>FRITSCH</small></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Edward J. Fritsch</font><br> <font size=2>President and Chief Executive Officer</font></p> </td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>&nbsp;</font>
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