-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 MlgNnuXCqIwb3Qpoj2hV3z1HwzMPWoZUXdbIcxqwfBxIAHDcfTx0zm4CeOIJDeAf
 N0aFMCmR97Hb46kIxV16qg==

<SEC-DOCUMENT>0000003499-07-000015.txt : 20070730
<SEC-HEADER>0000003499-07-000015.hdr.sgml : 20070730
<ACCEPTANCE-DATETIME>20070730082633
ACCESSION NUMBER:		0000003499-07-000015
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20070630
FILED AS OF DATE:		20070730
DATE AS OF CHANGE:		20070730

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALEXANDERS INC
		CENTRAL INDEX KEY:			0000003499
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				510100517
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06064
		FILM NUMBER:		071008084

	BUSINESS ADDRESS:	
		STREET 1:		888 SEVENTH AVENUE
		STREET 2:		*****
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-894-7000

	MAIL ADDRESS:	
		STREET 1:		888 SEVENTH AVENUE
		STREET 2:		*****
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>alx072907.htm
<DESCRIPTION>ALEXANDER'S INC 10-Q
<TEXT>
<html>
<head>
<title> </title>
</head>
<body bgcolor="#ffffff" style='font-family:"Times New Roman"'>




<div style='border:none;border-bottom:solid .05em;padding:0in 0in 1.0pt 0in'>
<div style='border:none;border-bottom:solid .25em;padding:0in 0in 1.0pt 0in'><p>&nbsp;</p> </div> </div> <br>

<p style=' margin-bottom:0pt; margin-top:6pt;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;'><b><font size=2>WASHINGTON, DC 20549</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font size=3>FORM 10-Q</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>(Mark one)</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='border-collapse:collapse'>
    <tr style=' height:13.9pt'>
        <td width="3%" valign=top style=' height:13.9pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>x</font></p> </td>
        <td width="96%" valign=top style=' height:13.9pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><b><font size=2>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><b><font size=2>OF THE SECURITIES EXCHANGE ACT OF 1934</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=center>

<table border="0" cellspacing=0 cellpadding=0 width="60%" style='border-collapse:collapse; '>
    <tr >
        <td width="47%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>For the quarterly period ended:&nbsp;&nbsp;</font><u></u></p> </td>
        <td width="52%" valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>June 30, 2007</font></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:3pt;text-align:center;'><b><font size=2>Or</font></b></p>

<p style=' margin-bottom:0pt; margin-top:3pt;text-align:center;'><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="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
        <td width="96%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>OF THE SECURITIES EXCHANGE ACT OF 1934</font></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-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="37%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><b><font size=2>For the transition period from:</font></b></p> </td>
        <td width="24%" valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><b><font size=2>to</font></b></p> </td>
        <td width="24%" valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;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=1>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="28%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><b><font size=2>Commission File Number:</font></b></p> </td>
        <td width="42%" valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>001-6064</font></b></p> </td>
        <td width="29%" valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;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:6pt;text-align:center;'><u><b><font size=2>ALEXANDER&#146;S, INC.</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact name of registrant as specified in its charter)</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 width="48%" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Delaware</font></b></p> </td>
        <td width="6%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="48%" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>51-0100517</font></b></p> </td> </tr>
    <tr >
        <td width="48%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(State or other jurisdiction of incorporation or organization)</font></p> </td>
        <td width="6%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(I.R.S. Employer Identification Number)</font></p> </td> </tr>
    <tr >
        <td width="48%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="6%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="48%" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>210 Route 4 East, Paramus, New Jersey</font></b></p> </td>
        <td width="6%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="48%" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>07652</font></b></p> </td> </tr>
    <tr >
        <td width="48%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Address of principal executive offices)</font></p> </td>
        <td width="6%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Zip Code)</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;border-bottom:solid 0.5pt;padding-bottom:1;'><b><font size=2>(212) 587-8541</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Registrant&#146;s telephone number, including area code)</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;border-bottom:solid 0.5pt;padding-bottom:1;'><b><font size=2>N/A</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Former name, former address and former fiscal year, if changed since last report)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:5.43%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section&nbsp;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>

<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>Yes </font><font face=Wingdings>x</font><font size=2> No </font><font face=Wingdings>o</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;'><font size=2>Indicate by check mark whether the registrant is a large accelerated filer, accelerated filer, or a non-accelerated filer. See definitions of &#147;accelerated filer and large accelerated filer&#148; in Rule 12b-2 of the Exchange Act.</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;'><font face=Wingdings>o</font><font size=2> Large Accelerated Filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Wingdings>x</font><font size=2> Accelerated Filer &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face=Wingdings>o</font><font size=2> Non-Accelerated Filer</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;'><font size=2>Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</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;'><font size=2>Yes </font><font face=Wingdings>o</font><font size=2> &nbsp;No </font><font face=Wingdings>x</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>As of June 30, 2007, there were 5,042,450 shares of common stock, par value $1 per share, outstanding.</font></p>

<div style='border:none;border-bottom:solid .25em;padding:0in 0in 1.0pt 0in'>

<div style='border:none;border-bottom:solid .05em;padding:0in 0in 1.0pt 0in'>
<p>&nbsp;</p> </div> </div> <br>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>1</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<b><font size=2>ALEXANDER&#146;S, INC.</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>INDEX</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="100%" style='border-collapse:collapse'>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Page Number</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=2>PART I.</font></b></p> </td>
        <td width="71%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=2>Financial Information</font></b></p> </td>
        <td width="13%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Item 1.</font></p> </td>
        <td width="71%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Financial Statements:</font></p> </td>
        <td width="13%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" rowspan=2 valign=top style='background:#CCEEFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:-9.0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Consolidated Balance Sheets (unaudited) as of </font><br> <font size=2>June 30, 2007 and December 31, 2006</font>                       </p> </td>
        <td width="13%" rowspan=2 valign=top style='background:#CCEEFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>3</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" rowspan=2 valign=top style='background:#CCEEFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:-9.0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Consolidated Statements of Operations (unaudited) for the Three and Six Months </font><br> <font size=2>Ended June 30, 2007 and 2006</font>            </p> </td>
        <td width="13%" rowspan=2 valign=top style='background:#CCEEFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>4</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" rowspan=2 valign=top style='background:#CCEEFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:-9.0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Consolidated Statements of Cash Flows (unaudited) for the</font><br> <font size=2>Six Months Ended June 30, 2007 and 2006</font>                                            </p> </td>
        <td width="13%" rowspan=2 valign=top style='background:#CCEEFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>5</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:-9.0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:-9.0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Notes to Consolidated Financial Statements (unaudited)</font>                           </p> </td>
        <td width="13%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>6</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:-9.0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Report of Independent Registered Public Accounting Firm</font>               </p> </td>
        <td width="13%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>12</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Item 2.</font></p> </td>
        <td width="71%" rowspan=2 valign=top style='background:#CCEEFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:-9.0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Management&#146;s Discussion and Analysis of</font><br> <font size=2>Financial Condition and Results of Operations</font>                   </p> </td>
        <td width="13%" rowspan=2 valign=top style='background:#CCEEFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>13</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Item 3.</font></p> </td>
        <td width="71%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:-9.0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Quantitative and Qualitative Disclosures about Market Risk</font>        </p> </td>
        <td width="13%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>20</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Item 4.</font></p> </td>
        <td width="71%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:-9.0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Controls and Procedures</font>                                                 </p> </td>
        <td width="13%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>20</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:34.55pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=2>PART II.</font></b></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=2>Other Information</font></b></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:34.55pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Item 1.</font></p> </td>
        <td width="71%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:-9.0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Legal Proceedings</font>                                   </p> </td>
        <td width="13%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>20</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:34.55pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0.5pt'><font size=2>Item 1A.</font></p> </td>
        <td width="71%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0.5pt'><font size=2>Risk Factors</font>                  </p> </td>
        <td width="13%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>20</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:34.55pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Item 2.</font></p> </td>
        <td width="71%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Unregistered Sales of Equity Securities and Use of Proceeds</font>    </p> </td>
        <td width="13%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>20</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Item 3.</font></p> </td>
        <td width="71%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Defaults Upon Senior Securities</font>          </p> </td>
        <td width="13%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>20</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Item 4.</font></p> </td>
        <td width="71%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Submission of Matters to a Vote of Security Holders</font>                                              </p> </td>
        <td width="13%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>21</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Item 5.</font></p> </td>
        <td width="71%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Other Information</font>                                     </p> </td>
        <td width="13%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>21</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Item 6.</font></p> </td>
        <td width="71%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:-9.0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Exhibits</font>                                           </p> </td>
        <td width="13%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>21</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:17.3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="71%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td colspan="2" valign=top style='background:#CCEEFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Signatures</font>                                       </p> </td>
        <td width="13%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>22</font></p> </td> </tr>
    <tr >
        <td colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="13%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td colspan="2" valign=top style='background:#CCEEFF; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Exhibit Index</font>                            </p> </td>
        <td width="13%" valign=top style='background:#CCEEFF;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt'><font size=2>23</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:justify;'><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0;text-align:justify;'>
<b><font size=2>PART I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL INFORMATION</font></b></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="27%" style='border-collapse:collapse'>
    <tr >
        <td width="26%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 1.</font></b></p> </td>
        <td width="73%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><i><b><font size=2>Financial Statements</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.71%;text-align:center;'><b><font size=2>ALEXANDER&#146;S, INC. </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.71%;text-align:center;'><b><font size=2>CONSOLIDATED BALANCE SHEETS</font></b></p>

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

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

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


<div align=left>

<table width="100%" border="0" cellpadding=0 cellspacing=0 style='margin-left:0pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="78%" valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap colspan="2" valign=bottom style='background: white'>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>June 30,</font></b><br> <b><font size=2> 2007</font></b></p> </div> </td>
        <td width="1%" valign=bottom nowrap style='background:white; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap colspan="2" valign=bottom style='background: white'>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>December 31,</font></b><br> <b><font size=2> 2006</font></b></p> </div> </td>
        <td width="0%" valign=bottom style='background:white'>
      <p style='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='page-break-inside:avoid;height:4.0pt'>
        <td valign=top style='background:white; height:4.0pt'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>ASSETS</font></b></p> </td>
        <td valign=bottom style='background:white; height:4.0pt'>
      <p style='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:white; height:4.0pt'>
      <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="9%" valign=bottom style='background:white; height:4.0pt'>
      <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 valign=bottom style='background:white; height:4.0pt'>
      <p style='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:white; height:4.0pt'>
      <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="9%" valign=bottom style='background:white; height:4.0pt'>
      <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 valign=bottom style='background:white; height:4.0pt'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top style='background:white'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Real estate, at cost:</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p 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 style='background:white'>
      <p 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 style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p 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 style='background:white'>
      <p 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 style='background:white'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:35.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Land</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>69,455</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>69,455</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:35.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Buildings, leaseholds and leasehold improvements</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>596,100</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>579,595</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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:35.0pt;text-indent:-15.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Construction in progress </font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <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 valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>83,393</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <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 valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>43,338</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:50.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Total</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>748,948</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>692,388</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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:35.0pt;text-indent:-15.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Accumulated depreciation and amortization</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <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 valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(89,319</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <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 valign=bottom style='background:#CCEEFF'>
      <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 valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(80,779</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Real estate, net</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>659,629</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>611,609</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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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: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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Cash and cash equivalents</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p 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 style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>542,132</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p 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 style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>615,516</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Restricted cash</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,311</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,682</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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Accounts receivable, net of allowance for doubtful accounts of $595 and $481, respectively</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p 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 style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,008</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p 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 style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,593</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Receivable arising from the straight-lining of rents</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>122,684</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>115,027</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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Deferred lease and other property costs, net (including unamortized leasing fees to Vornado </font><br> <font size=2>of $43,181 and $43,163, respectively)</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p 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 style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>68,147</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p 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 style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>69,119</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Deferred debt issuance costs, net</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,877</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>18,201</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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Other assets</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <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 valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8,740</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <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 valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10,495</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='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 valign="middle" style='page-break-inside:avoid'>
        <td >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><b><font size=2>TOTAL ASSETS</font></b></p> </td>
        <td >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td 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>1,425,528</font></p> </td>
        <td >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td 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>1,447,242</font></p> </td>
        <td >
      <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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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: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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2> LIABILITIES AND STOCKHOLDERS&#146; EQUITY</font></b></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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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: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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Debt</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,061,503</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,068,498</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Accounts payable and accrued expenses</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>39,116</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>41,140</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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Liability for stock appreciation rights</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p 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 style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>166,937</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p 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 style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>236,176</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Amounts due to Vornado</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>37,998</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>35,366</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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Liability for income taxes and other</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <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 valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>46,541</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <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 valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>37,725</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=2>TOTAL LIABILITIES</font></b></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=1>&nbsp;</font></p> </td>
        <td 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 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>1,352,095</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=1>&nbsp;</font></p> </td>
        <td 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 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>1,418,905</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=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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: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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=2>MINORITY INTEREST</font></b></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <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 valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>992</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <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 valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,155</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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: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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>COMMITMENTS AND CONTINGENCIES</font></b></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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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: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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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: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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>STOCKHOLDERS&#146; EQUITY</font></b></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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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: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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Preferred stock: $1.00 par value per share; authorized, 3,000,000 shares; issued, none</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p 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 style='background:#CCEEFF'>
      <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 valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p 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 style='background:#CCEEFF'>
      <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 valign=bottom style='background:#CCEEFF'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Common stock: $1.00 par value per share; authorized, 10,000,000 shares; issued, </font><br> <font size=2>5,173,450 shares</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,173</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,173</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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Additional paid-in capital</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p 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 style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>27,539</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p 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 style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>27,118</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Retained earnings (accumulated deficit) (including a reduction of $6,983 for the cumulative effect of </font><br> <font size=2>change in accounting principle in 2007)</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=1>&nbsp;</font></p> </td>
        <td 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 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>40,458</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=1>&nbsp;</font></p> </td>
        <td 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 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>(4,344</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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p 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 style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>73,170</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p 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 style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>27,947</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Treasury shares: 131,000 and 137,500 shares, at cost</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=1>&nbsp;</font></p> </td>
        <td 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 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>(729</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>
        <td 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 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>(765</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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=2>Total stockholders&#146; equity</font></b></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <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 valign=bottom style='border-bottom: solid black 1.0pt;background: #CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>72,441</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <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 valign=bottom style='border-bottom: solid black 1.0pt;background: #CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>27,182</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='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 valign="middle" style='page-break-inside:avoid'>
        <td >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><b><font size=2>TOTAL LIABILITIES AND STOCKHOLDERS&#146; EQUITY</font></b></p> </td>
        <td >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td 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>1,425,528</font></p> </td>
        <td >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td 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>1,447,242</font></p> </td>
        <td >
      <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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:justify;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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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: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></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; margin-left:10.71%; text-indent:-3.57%;text-align:center;'><font size=2>See notes to consolidated financial statements.</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;'><font size=2>3</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<b><font size=2>ALEXANDER&#146;S, INC. </font></b></p>

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

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

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


<div align=left>

<table width="100%" border="0" cellpadding=0 cellspacing=0 style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td valign=bottom style='background:white'>
      <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 nowrap colspan="5" valign=top style='background: white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2.0pt;margin-bottom:0pt'><b><font size=2>Three Months Ended</font></b></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap colspan="5" valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Six Months Ended</font></b></p> </td>
        <td valign=bottom style='background:white'>
      <p style='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='page-break-inside:avoid'>
        <td valign=bottom style='background:white'>
      <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 colspan="5" valign=top style='background:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2.0pt;margin-bottom:0pt'><b><font size=2>June 30,</font></b></p> </div> </td>
        <td valign=bottom style='background:white'>
      <p 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="5" valign=bottom style='background:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>June 30,</font></b></p> </div> </td>
        <td valign=bottom style='background:white'>
      <p style='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='page-break-inside:avoid'>
        <td valign=bottom style='background:white'>
      <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 colspan="2" valign=bottom style='background:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </div> </td>
        <td valign=bottom style='background:white'>
      <p 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:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </div> </td>
        <td valign=bottom style='background:white'>
      <p 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:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </div> </td>
        <td valign=bottom style='background:white'>
      <p 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:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </div> </td>
        <td valign=bottom style='background:white'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top style='background:white'>
      <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>REVENUES</font></b></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:35.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Property rentals</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>$</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>35,222</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>$</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>34,000</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>$</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>70,096</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>$</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>67,832</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='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='page-break-inside:avoid'>
        <td valign=top style='background:white'>
      <p style='margin-left:35.0pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Expense reimbursements</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>18,919</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>15,371</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>36,241</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>29,915</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Total revenues</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt;background: #CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>54,141</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt;background: #CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>49,371</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt;background: #CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>106,337</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt;background: #CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>97,747</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='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 style='page-break-inside:avoid'>
        <td valign=top style='background:white'>
      <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top style='background:white'>
      <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>EXPENSES</font></b></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top style='background:white'>
      <p style='margin-left:35.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Operating (including fees to Vornado of $578, $581, </font><br> <font size=2>$1,154 and $1,147, respectively)</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>20,194</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>18,524</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>38,119</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>35,757</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:35.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>General and administrative (including a reversal of stock </font><br> <font size=2>appreciation rights (&#147;SARs&#148;) expense of $3,725, </font><br> <font size=2>$14,654, $18,036 and SARs expense of $22,907, </font><br> <font size=2>respectively and management fees to Vornado of $540 </font><br> <font size=2>and $1,080 in each three and six month period)</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>(2,054</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>(13,481</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>(14,713</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>25,360</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='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='page-break-inside:avoid'>
        <td valign=top style='background:white'>
      <p style='margin-left:35.0pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Depreciation and amortization</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>5,666</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>5,432</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>11,175</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>10,725</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Total expenses</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt;background: #CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>23,806</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt;background: #CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>10,475</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt;background: #CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>34,581</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt;background: #CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>71,842</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='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 style='page-break-inside:avoid'>
        <td valign=top style='background:white'>
      <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>OPERATING INCOME</font></b></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>30,335</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>38,896</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>71,756</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>25,905</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='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='page-break-inside:avoid'>
        <td valign=top style='background:white'>
      <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:35.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Interest and other income, net</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>7,055</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>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>6,803</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>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>14,117</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>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>12,981</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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:35.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Interest and debt expense</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>(16,507</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>(17,096</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>(33,145</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>(34,148</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:35.0pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Minority interest of partially owned entity</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td 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;line-height:89.64%'><font size=2>(168</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>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td 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;line-height:89.64%'><font size=2>&#151;</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=1>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td 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;line-height:89.64%'><font size=2>163</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=1>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td 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;line-height:89.64%'><font size=2>&#151;</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=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:35.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Income before net gain on sale of condominiums</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>20,715</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>28,603</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>52,891</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>4,738</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:35.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Net gain on sale of condominiums</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&#151;</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>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>15,261</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>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&#151;</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>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>24,529</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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:35.0pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Income tax expense of the taxable REIT subsidiary</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>(1,106</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <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 valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>(7,013</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <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 valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>(1,106</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <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 valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>(11,273</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <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 valign="middle" style='page-break-inside:avoid'>
        <td >
      <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><b><font size=2>NET INCOME</font></b></p> </td>
        <td >
      <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 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>19,609</font></p> </td>
        <td >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>36,851</font></p> </td>
        <td >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td 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>51,785</font></p> </td>
        <td >
      <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 >
      <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 style='border-bottom: double black 2.25pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>17,994</font></p> </td>
        <td >
      <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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><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 valign="middle" style='page-break-inside:avoid'>
        <td style='background:#CCEEFF'>
      <p style='margin-left:35.0pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>Net income per common share - basic</font></p> </td>
        <td style='background:#CCEEFF'>
      <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 style='border-bottom: double black 2.25pt;background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3.89</font></p> </td>
        <td style='background:#CCEEFF; '>
      <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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt;background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>7.33</font></p> </td>
        <td style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt;background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10.28</font></p> </td>
        <td style='background:#CCEEFF'>
      <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 style='background:#CCEEFF; '>
      <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 style='border-bottom: double black 2.25pt;background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>3.58</font></p> </td>
        <td style='background:#CCEEFF; '>
      <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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><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 valign="middle" style='page-break-inside:avoid'>
        <td style='background:#CCEEFF'>
      <p style='margin-left:35.0pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>Net income per common share - diluted</font></p> </td>
        <td style='background:#CCEEFF'>
      <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 style='border-bottom: double black 2.25pt;background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3.85</font></p> </td>
        <td style='background:#CCEEFF; '>
      <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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt;background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>7.25</font></p> </td>
        <td style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt;background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10.16</font></p> </td>
        <td style='background:#CCEEFF'>
      <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 style='background:#CCEEFF; '>
      <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 style='border-bottom: double black 2.25pt;background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>3.54</font></p> </td>
        <td style='background:#CCEEFF; '>
  <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>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>See notes to consolidated financial statements.</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;'><font size=2>4</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<b><font size=2>ALEXANDER&#146;S, INC. </font></b></p>

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

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

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


<div align=left>

<table width="100%" border="0" cellpadding=0 cellspacing=0 style='border-collapse:collapse;  '>
    <tr style='page-break-inside:avoid'>
        <td valign=bottom style='background: white'>
      <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 valign=bottom style='background:white; '>
      <p 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="5" valign=bottom style=' background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Six Months Ended</font></b></p> </td>
        <td valign=bottom style='background:white; '>
      <p style='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='page-break-inside:avoid'>
        <td valign=bottom style='background: white'>
      <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 valign=bottom style='background:white; '>
      <p 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="5" valign=bottom style=' background:white'>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>June 30,</font></b></p> </div> </td>
        <td valign=bottom style='background:white; '>
      <p style='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='page-break-inside:avoid'>
        <td valign=bottom style='background: white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>CASH FLOWS FROM OPERATING ACTIVITIES</font></b></p> </td>
        <td valign=bottom style='background:white; '>
      <p 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:white'>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </div> </td>
        <td valign=bottom style='background:white; '>
      <p 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:white'>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </div> </td>
        <td valign=bottom style='background:white; '>
      <p style='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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;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>
        <td 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 valign=bottom >
      <p 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p> </td>
        <td valign=bottom >
      <p 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: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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF; '>
      <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Net income </font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>51,785</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>17,994</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Adjustments to reconcile net income to net cash (used in) provided by operating activities</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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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: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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF; '>
      <p style='margin-left:35.55pt;text-indent:-.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Liability for stock appreciation rights</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(18,774</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>22,907</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:35.55pt;text-indent:-.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Depreciation and amortization (including amortization of debt issuance costs)</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12,499</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12,049</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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF; '>
      <p style='margin-left:.5in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Straight-lining of rental income</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(7,657</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(7,681</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.5in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Minority interest of partially owned entity</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(163</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF; '>
      <p style='margin-left:.5in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Net gain on sale of condominiums</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <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 valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(24,529</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Change in operating assets and liabilities:</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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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: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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF; '>
      <p style='margin-left:.5in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Accounts receivable, net</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>585</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(1,307</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.5in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Other assets</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>92</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(1,510</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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF; '>
      <p style='margin-left:.5in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Amounts due to Vornado</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,632</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>77</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.5in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Accounts payable and accrued expenses</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(2,109</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3,493</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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF; '>
      <p style='margin-left:.5in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Payment for stock appreciation rights</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(50,465</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <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 valign=bottom style='background:#CCEEFF; '>
      <p style='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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.5in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Income tax liability of taxable REIT subsidiary</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,852</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(1,285</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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF; '>
      <p style='margin-left:.5in;text-indent: -.25in;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Other liabilities</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <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 valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF'>
      <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 valign=bottom style='background:#CCEEFF; '>
      <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 valign=bottom style='background:#CCEEFF; '>
      <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 valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>628</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Net cash (used in) provided by operating activities</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=1>&nbsp;</font></p> </td>
        <td 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 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>(9,742</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>
        <td 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 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>20,836</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=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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: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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><b><font size=2>CASH FLOWS FROM INVESTING ACTIVITIES</font></b></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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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: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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF; '>
      <p style='margin-left:.5in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Additions to real estate</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(56,475</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(19,599</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.5in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Restricted cash</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(629</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>
        <td valign=bottom >
      <p 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:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(443</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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF; '>
      <p style='margin-left:.5in;text-indent: -.25in;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Proceeds from the sale of condominiums</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <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 valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF'>
      <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 valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <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 valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>39,383</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Net cash (used in) provided by investing activities</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=1>&nbsp;</font></p> </td>
        <td 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 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>(57,104</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>
        <td 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 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>19,341</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=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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: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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><b><font size=2>CASH FLOWS FROM FINANCING ACTIVITIES</font></b></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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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: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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF; '>
      <p style='margin-left:.5in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>Repayments of borrowings</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(6,995</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(4,296</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.5in;text-indent: -.25in;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Exercise of share options</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=1>&nbsp;</font></p> </td>
        <td 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 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>457</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=1>&nbsp;</font></p> </td>
        <td 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 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>70</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=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF; '>
      <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Net cash used in financing activities</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <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 valign=bottom style='border-bottom: solid black 1.0pt;background: #CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(6,538</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <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 valign=bottom style='background:#CCEEFF; '>
      <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 valign=bottom style='border-bottom: solid black 1.0pt;background: #CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(4,226</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.25in;text-indent:-.25in;text-align:left;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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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: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 style='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF; '>
      <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Net (decrease) increase in cash and cash equivalents</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(73,384</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>35,951</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Cash and cash equivalents at beginning of period</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=1>&nbsp;</font></p> </td>
        <td 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 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>615,516</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=1>&nbsp;</font></p> </td>
        <td 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 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>578,406</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=1>&nbsp;</font></p> </td> </tr>
    <tr valign="middle" style='page-break-inside:avoid'>
        <td style='background:#CCEEFF; '>
      <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>Cash and cash equivalents at end of period</font></p> </td>
        <td style='background:#CCEEFF; '>
      <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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt;background: #CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>542,132</font></p> </td>
        <td style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt;background: #CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>614,357</font></p> </td>
        <td style='background:#CCEEFF; '>
      <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='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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: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 style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><b><font size=2>SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION</font></b></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>
        <td valign=bottom >
      <p 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: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>
        <td valign=bottom >
      <p 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: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 valign="middle" style='page-break-inside:avoid'>
        <td style='background:#CCEEFF; '>
      <p style='margin-left:34.3pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>Cash payments for interest (of which $1,579 and $114 have been capitalized)</font></p> </td>
        <td style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt;background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>32,377</font></p> </td>
        <td style='background:#CCEEFF; '>
      <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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt;background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>33,152</font></p> </td>
        <td style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr valign="middle" style='page-break-inside:avoid'>
        <td style='background:white; '>
      <p style='margin-left:34.3pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>Cash payments for income taxes</font></p> </td>
        <td style='background:white; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td style='background:white; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt; background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>480</font></p> </td>
        <td style='background:white; '>
      <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 style='background:white; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt; background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12,558</font></p> </td>
        <td style='background:white; '>
  <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>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>See notes to consolidated financial statements.</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;'><font size=2>5</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<b><font size=2>ALEXANDER&#146;S, INC. </font></b></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.29%;text-align:justify;'><font size=2>&nbsp;</font></p>
&nbsp;


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="21%" style='border-collapse:collapse'>
    <tr >
        <td width="33%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1.</font></b></p> </td>
        <td width="66%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Organization</font></b></p> </td> </tr></table>
</div>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Alexander&#146;s, Inc. is a real estate investment trust (&#147;REIT&#148;), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties. All references to &#147;we,&#148; &#147;us,&#148; &#147;our,&#148; or &#147;Company&#148; refer to Alexander&#146;s, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (&#147;Vornado&#148;).</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="27%" style='border-collapse:collapse'>
    <tr >
        <td width="26%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2.</font></b></p> </td>
        <td width="73%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Basis of Presentation</font></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:4%;text-align:justify;'><font size=2>The consolidated balance sheet at June 30, 2007, the consolidated statements of operations for the three and six months ended June 30, 2007 and 2006, and the consolidated statements of cash flows for the six months ended June 30, 2007 and 2006 are unaudited. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows, have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted in accordance with Article 10 of Regulation S-X and the instructions to Form 10-Q. These consolidated financial statements and condensed footnotes should be read in conjunction with the consolidated financial statements and notes thereto
included in our Annual Report on Form 10-K for the year ended December 31, 2006, as filed with the Securities and Exchange Commission. The results of operations for the three and six months ended June 30, 2007 are not necessarily indicative of the operating results for the full year.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>The accompanying consolidated financial statements include our accounts and that of our consolidated subsidiaries. All significant intercompany amounts have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>We currently operate in one business segment.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>&nbsp;</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="42%" style='border-collapse:collapse'>
    <tr >
        <td width="16%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>3.</font></b></p> </td>
        <td width="83%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Recently Issued Accounting Literature</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>In July 2006, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Interpretation No. 48, </font><i><font size=2>Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109 </font></i><font size=2>(&#147;FIN 48&#148;). FIN 48 establishes new evaluation and measurement processes for all income tax positions taken.  FIN 48 became effective on January 1, 2007.  Upon the adoption of FIN 48 on January 1, 2007, we recognized a $6,983,000 increase in the liability for unrecognized tax benefits, which was accounted for as a reduction to the January 1, 2007 balance of retained earnings. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>In September 2006, the FASB issued Statement of Financial Accounting Standards (&#147;SFAS&#148;) No. 157, </font><i><font size=2>Fair Value Measurements</font></i><font size=2>.  SFAS No. 157 does not address &#147;what&#148; to measure at fair value; instead, it addresses &#147;how&#148; to measure fair value.  SFAS No. 157 applies (with limited exceptions) to existing standards that require assets or liabilities to be measured at fair value.  SFAS No. 157 establishes a fair value hierarchy, giving the highest priority to quoted prices in active markets and the lowest priority to unobservable data and requires new disclosures for assets and liabilities measured at fair value based on their level in the hierarchy.  SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007.  We do not believe that the adoption of SFAS No. 157 on January 1,
2008, will have a material effect on our consolidated financial statements.</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<b><font size=2>ALEXANDER&#146;S, INC. </font></b></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="51%" style='border-collapse:collapse'>
    <tr >
        <td width="13%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>3.</font></b></p> </td>
        <td width="86%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Recently Issued Accounting Literature - continued</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.57%;text-align:justify;'><font size=2>In September 2006, the FASB issued SFAS No. 158, </font><i><font size=2>Employer&#146;s Accounting for Defined Benefit Pension and Other Postretirement Plans, an Amendment of SFAS No. 87, 88, 106 and 132R</font></i><font size=2>.  SFAS No. 158 requires an employer to (i) recognize in its statement of financial position an asset for a plan&#146;s over funded status or a liability for a plan&#146;s under funded status; (ii) measure a plan&#146;s assets and its obligations that determine its funded status as of the end of the employer&#146;s fiscal year (with limited exceptions); and (iii) recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur.  Those changes will be reported in comprehensive income.  The adoption of the requirement to recognize the funded status of a benefit plan and the disclosure requirements as of December
31, 2006, did not have any effect on our consolidated financial statements. The requirement to measure plan assets and benefit obligations to determine the funded status as of the end of the fiscal year and to recognize changes in the funded status in the year in which the changes occur is effective for fiscal years ending after December 15, 2008. The adoption of the measurement date provisions of this standard is not expected to have any effect on our consolidated financial statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>In February 2007, the FASB issued SFAS No. 159, </font><i><font size=2>The Fair Value Option for Financial Assets and Financial Liabilities</font></i><font size=2>.  SFAS No. 159 expands opportunities to use fair value measurement in financial reporting and permits entities to choose to measure many financial instruments and certain other items at fair value.  SFAS No. 159 is effective for fiscal years beginning after November 15, 2007.  We have not decided if we will choose to measure any eligible financial assets and liabilities at fair value upon the adoption of SFAS No. 159 on January 1, 2008. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.57%;text-align:center;'><font size=1>&nbsp;</font></p>
&nbsp;


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="32%" style='border-collapse:collapse'>
    <tr >
        <td width="21%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>4.</font></b></p> </td>
        <td width="78%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Relationship with Vornado</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Vornado owned 32.8% of our outstanding common stock at June 30, 2007.  Steven Roth is the Chairman of our Board of Directors and our Chief Executive Officer, the Managing General Partner of Interstate Properties (&#147;Interstate&#148;), a New Jersey general partnership, and the Chairman of the Board and Chief Executive Officer of Vornado. At June 30, 2007, Mr.&nbsp;Roth, Interstate and its other two general partners, David Mandelbaum and Russell B. Wight, Jr. (who are also our directors and trustees of Vornado) owned, in the aggregate, 27.2% of our outstanding common stock, in addition to the 2.8% they indirectly own through Vornado.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.57%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below, which expire in March of each year and are automatically renewable.</font></p>

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

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:justify;'><u><i><font size=2>Management and Development Agreements</font></i></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>We pay Vornado an annual management fee equal to the sum of (i) $3,000,000, (ii) 3% of gross income from the Kings Plaza Regional Shopping Center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue and (iv) $227,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.57%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>In addition, Vornado is entitled to a development fee of 6% of development costs, as defined, with minimum guaranteed fees of $750,000 per annum. </font></p>

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

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:justify;'><u><i><font size=2>Leasing Agreements</font></i></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Vornado also provides us with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants.  In the event of a sale of an asset, the fee is 3% of gross proceeds, as defined.  In the event third party real estate brokers are used, the fees to Vornado increase by 1% and Vornado is responsible for the fees to the third party real estate brokers.  Such amounts are payable annually in an amount not to exceed $2,500,000, with interest at 9% per annum on the unpaid balance.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Effective January 1, 2007, we modified our leasing agreement with Vornado.  Pursuant to the modification, (i) the existing 3% commission on asset sales was adjusted so that for asset sales greater than $50,000,000, the fee is 1% of gross proceeds, as defined; (ii) in the event third party real estate brokers are used in connection with asset sales, the fees to Vornado no longer increase by 1% and Vornado continues to be responsible for the fees to such third party real estate brokers; and (iii) the annual amount payable for fees under this agreement was increased to $4,000,000, and the interest rate on the unpaid balance was adjusted to one-year LIBOR plus 100 bps per annum (6.34 % at June 30, 2007).</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.57%;text-align:center;'>
<b><font size=2>ALEXANDER&#146;S, INC.</font></b></p>

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

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

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

<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="42%" style='border-collapse:collapse'>
    <tr >
        <td width="16%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>4.</font></b></p> </td>
        <td width="83%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Relationship with Vornado - 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>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><i><font size=2>Other Agreements </font></i></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>We have also entered into agreements with Building Maintenance Services, a wholly owned subsidiary of Vornado, to supervise cleaning, engineering and security services at our Lexington Avenue and Kings Plaza properties for an annual fee of the cost for such services plus 6%. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.57%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>The following table shows the amounts incurred under the agreements described above.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.57%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=center>

<table width="100%" border="0" cellpadding=0 cellspacing=0 style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td valign=bottom style='background:white; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p 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="5" valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Three Months Ended</font></b></p> </td>
        <td valign=bottom style='background:white'>
      <p 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="5" valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Six Months Ended</font></b></p> </td>
        <td valign=bottom style='background:white'>
      <p style='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='page-break-inside:avoid'>
        <td valign=bottom style='background:white; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>(Amounts in thousands)</font></p> </td>
        <td valign=bottom style='background:white'>
      <p 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="5" valign=bottom style='background:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>June 30,</font></b></p> </div> </td>
        <td valign=bottom style='background:white'>
      <p 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="5" valign=bottom style='background:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>June 30,</font></b></p> </div> </td>
        <td valign=bottom style='background:white'>
      <p style='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='page-break-inside:avoid'>
        <td valign=bottom style='background:white; '>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p 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:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </div> </td>
        <td valign=bottom style='background:white'>
      <p 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:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </div> </td>
        <td valign=bottom style='background:white'>
      <p 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:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </div> </td>
        <td valign=bottom style='background:white'>
      <p 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:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </div> </td>
        <td valign=bottom style='background:white'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Company management fees</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>750</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>750</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,500</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,500</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='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='page-break-inside:avoid'>
        <td valign=top style='background:white'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Development
          fees</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p 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 style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,838</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p 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 style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>189</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p 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 style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,576</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <p 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 style='background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>383</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='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='page-break-inside:avoid'>
        <td valign=top style='background:#CCEEFF'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Leasing fees</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,050</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>949</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,745</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#CCEEFF'>
      <p 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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,913</font></p> </td>
        <td valign=bottom style='background:#CCEEFF; '>
      <p style='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='page-break-inside:avoid'>
        <td valign=top style='background:white'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Property management fees and payments for cleaning, </font><br> <font size=2>engineering and security services</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <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 valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,184</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <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 valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>461</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <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 valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,180</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white'>
      <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 valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,332</font></p> </td>
        <td valign=bottom style='background:white'>
      <p style='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 valign="middle" style='page-break-inside:avoid'>
        <td style='background:#CCEEFF'>
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>
        <td style='background:#CCEEFF'>
      <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 style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt;background: #CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4,822</font></p> </td>
        <td style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt;background: #CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,349</font></p> </td>
        <td style='background:#CCEEFF'>
      <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 style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt;background: #CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>9,001</font></p> </td>
        <td style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td style='background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt;background: #CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,128</font></p> </td>
        <td style='background:#CCEEFF; '>
  <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-indent:4%;text-align:justify;'><font size=2>At June 30, 2007, we owed Vornado $34,824,000 for leasing fees, $2,198,000 for development fees and $976,000 for management, property management and cleaning fees.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>&nbsp;</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="13%" style='border-collapse:collapse'>
    <tr >
        <td width="51%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>5.</font></b></p> </td>
        <td width="48%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Debt</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>The following is a summary of our outstanding debt, all of which have fixed interest rates.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.29%;text-align:justify;'><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; height:14.0pt'>
        <td width="39%" valign=bottom style='background:white; height:14.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="11%" valign=bottom style='background:white; height:14.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white;height:14.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="16%" valign=bottom style='background:white; height:14.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Interest Rate at</font></b></p> </td>
        <td width="2%" valign=bottom style='background:white;height:14.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='background:white; height:14.0pt'>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Balance at</font></b></p> </div> </td>
        <td width="2%" valign=bottom style='background:white; height:14.0pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:.2in'>
        <td width="39%" valign=bottom style='background:white; height:.2in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>(Amounts in thousands)</font></p> </td>
        <td width="11%" valign=bottom style='background:white; height:.2in'>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Maturity</font></b></p> </div> </td>
        <td width="2%" valign=bottom style='background:white;height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="16%" valign=bottom style='background:white; height:.2in'>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>June 30,</font></b><br> <b><font size=2>2007</font></b></p> </div> </td>
        <td width="2%" valign=bottom style='background:white;height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='background:white; height:.2in'>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>June 30,</font></b><br> <b><font size=2> 2007</font></b></p> </div> </td>
        <td width="2%" valign=bottom style='background:white;height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='background:white; height:.2in'>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>December 31,</font></b><br> <b><font size=2>2006</font></b></p> </div> </td>
        <td width="2%" valign=bottom style='background:white; height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:5.85pt'>
        <td width="39%" valign=top style=' height:5.85pt'>
            <p style='margin-left:20.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="11%" valign=bottom style=' height:5.85pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style=' height:5.85pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="16%" valign=bottom style=' height:5.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style=' height:5.85pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style=' height:5.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="9%" valign=bottom style=' height:5.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style=' height:5.85pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style=' height:5.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" valign=bottom style=' height:5.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style=' height:5.85pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:23.85pt'>
        <td width="39%" valign=top style='background:#CCEEFF;height:23.85pt'>
            <p style='margin-left:20.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>First mortgage, secured by the office space </font><br> <font size=2>at the Lexington Avenue property</font></p> </td>
        <td width="11%" valign=bottom style='background:#CCEEFF; height:23.85pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=2>Feb. 2014</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; height:23.85pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="16%" valign=bottom style='background:#CCEEFF; height:23.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>5.33%</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; height:23.85pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; height:23.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="9%" valign=bottom style='background:#CCEEFF; height:23.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>388,487</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; height:23.85pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; height:23.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="10%" valign=bottom style='background:#CCEEFF; height:23.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>393,232</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF;height:23.85pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:23.15pt'>
        <td width="39%" valign=top style='background:white; height:23.15pt'>
            <p style='margin-left:20.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>First mortgage, secured by the retail space </font><br> <font size=2>at the Lexington Avenue property <sup>(1)</sup></font></p> </td>
        <td width="11%" valign=bottom style='background:white; height:23.15pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=2>Jul. 2015</font></p> </td>
        <td width="2%" valign=bottom style='background:white;height:23.15pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="16%" valign=bottom style='background:white; height:23.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>4.93%</font></p> </td>
        <td width="2%" valign=bottom style='background:white;height:23.15pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white;height:23.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="9%" valign=bottom style='background:white;height:23.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>320,000</font></p> </td>
        <td width="2%" valign=bottom style='background:white;height:23.15pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white;height:23.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" valign=bottom style='background:white; height:23.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>320,000</font></p> </td>
        <td width="2%" valign=bottom style='background:white; height:23.15pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:.2in'>
        <td width="39%" valign=top style='background:#CCEEFF;height:.2in'>
            <p style='margin-left:20.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>First mortgage, secured by the Kings Plaza </font><br> <font size=2>Regional Shopping Center</font></p> </td>
        <td width="11%" valign=bottom style='background:#CCEEFF; height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=2>Jun. 2011</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="16%" valign=bottom style='background:#CCEEFF; height:.2in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>7.46%</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; height:.2in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="9%" valign=bottom style='background:#CCEEFF; height:.2in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>205,306</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; height:.2in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" valign=bottom style='background:#CCEEFF; height:.2in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>207,131</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF;height:.2in'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:23.85pt'>
        <td width="39%" valign=top style='background:white; height:23.85pt'>
            <p style='margin-left:20.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>First mortgage, secured by the Rego Park I </font><br> <font size=2>Shopping Center</font></p> </td>
        <td width="11%" valign=bottom style='background:white; height:23.85pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=2>Jun. 2009</font></p> </td>
        <td width="2%" valign=bottom style='background:white;height:23.85pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="16%" valign=bottom style='background:white; height:23.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>7.25%</font></p> </td>
        <td width="2%" valign=bottom style='background:white;height:23.85pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white;height:23.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="9%" valign=bottom style='background:white;height:23.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>79,710</font></p> </td>
        <td width="2%" valign=bottom style='background:white;height:23.85pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white;height:23.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" valign=bottom style='background:white; height:23.85pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>80,135</font></p> </td>
        <td width="2%" valign=bottom style='background:white; height:23.85pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:12.6pt'>
        <td width="39%" valign=top style='background:#CCEEFF;height:12.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>First mortgage, secured by the Paramus property</font></p> </td>
        <td width="11%" valign=bottom style='background:#CCEEFF; height:12.6pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>Oct. 2011</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; height:12.6pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="16%" valign=bottom style='background:#CCEEFF; height:12.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>5.92%</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; height:12.6pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; height:12.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="9%" valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF;height:12.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>68,000</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; height:12.6pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; height:12.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" valign=bottom style='border-bottom: solid black 1.0pt; background:#CCEEFF;height:12.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>68,000</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF;height:12.6pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid; height:12.6pt'>
        <td width="39%" valign=top style='background:white; height:12.6pt'>
            <p style='margin-left:20.0pt;text-indent: -.25in;text-align:justify;margin-top:1.5pt;margin-bottom: 0in'><font size=2>&nbsp;</font></p> </td>
        <td width="11%" valign=bottom style='background:white; height:12.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white;height:12.6pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="16%" valign=bottom style='background:white; height:12.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white;height:12.6pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white;height:12.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="9%" valign=bottom style='border-bottom: double black 2.25pt;background: white;height:12.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,061,503</font></p> </td>
        <td width="2%" valign=bottom style='background:white;height:12.6pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white;height:12.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="10%" valign=bottom style='border-bottom: double black 2.25pt;background: white;height:12.6pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,068,498</font></p> </td>
        <td width="2%" valign=bottom style='background:white; height:12.6pt'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td> </tr></table>
</div>

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

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="3%" 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=1>(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=1>In the event of a substantial casualty, as defined, up to $75,000,000 of this loan may become recourse to us.</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>8</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<b><font size=2>ALEXANDER&#146;S, INC.</font></b></p>

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

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

<table border="0" cellspacing=0 cellpadding=0 width="27%" style='border-collapse:collapse'>
    <tr >
        <td width="25%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>6.</font></b></p> </td>
        <td width="74%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Income Tax Liability</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>We adopted the provisions of FIN 48 on January 1, 2007.  Upon adoption, we recognized a $6,983,000 increase in the liability for unrecognized tax benefits, which was accounted for as a reduction to the January 1, 2007 balance of retained earnings.  At January 1, 2007 and June 30, 2007, we had $43,653,000 and $44,879,000, respectively, of unrecognized tax benefits that if recognized, would result in non-cash income arising from the reversal of these items and a reduction of our effective tax rate.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>We recognize interest related to the unrecognized tax benefits in &#147;interest and debt expense&#148; in our consolidated statement of operations.  In the three and six months ended June 30, 2007, we recognized $607,000 and $1,226,000 of interest related to the unrecognized tax benefits.  As of June 30, 2007, we have approximately $6,273,000 of accrued interest related to the unrecognized tax benefits, which is included as a component of the $44,879,000 discussed above.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>As of June 30, 2007, our 2003 - 2006 tax years remain open to examination by the major taxing jurisdictions to which we are subject.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</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="31%" style='border-collapse:collapse'>
    <tr >
        <td width="22%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>7.</font></b></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Stock Appreciation Rights</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Stock appreciation rights (&#147;SARs&#148;) are granted at 100% of the market price of our common stock on the date of grant. Compensation expense for each SAR is measured by the excess of stock price at the current balance sheet date over the stock price at the previous balance sheet date. If the stock price is lower at the current balance sheet date, previously recognized expense is reversed but not below zero. In the three and six months ended June 30, 2007, we reversed $3,725,000 and $18,036,000, respectively, of previously recognized expense, based on our closing stock price of $404.25 at June 29, 2007 (compared to $411.70 at March 30, 2007 and $419.65 at December 29, 2006). In the three and six months ended June 30, 2006, we reversed $14,654,000 of previously recognized expense and accrued $22,907,000 for SARs compensation expense, based on our closing stock price of $271.76 at June
30, 2006 (compared to $289.00 at March 31, 2006 and $245.50 at December 30, 2005).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>On March 13, 2007, Michael Fascitelli, our President, exercised 350,000 of his existing SARs.  These SARs were granted to him on January 10, 2006 and were scheduled to expire on March 14, 2007.  He received $144.18 for each SAR exercised, representing the difference between our stock price of $388.01 (the average of the high and low market price) on the date of exercise and the exercise price of $243.83.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</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="39%" style='border-collapse:collapse'>
    <tr >
        <td width="18%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>8.</font></b></p> </td>
        <td width="81%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Net Gain on Sale of Condominiums</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>In the three and six months ended June 30, 2006, we recognized $8,248,000 and $13,256,000 of after-tax net gains from the sale of residential condominium units at our 731 Lexington Avenue property.</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:left;'><font size=1>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="37%" style='border-collapse:collapse'>
    <tr >
        <td width="18%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>9.</font></b></p> </td>
        <td width="81%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Commitments and Contingencies</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><u><i><font size=2>Insurance</font></i></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>We carry commercial liability and all risk property insurance for (i)&nbsp;fire, (ii)&nbsp;flood, (iii)&nbsp;extended coverage, (iv)&nbsp;&#147;acts of terrorism&#148; as defined in the Terrorism Risk Insurance Extension Act of 2005, which expires in 2007, and (v)&nbsp;rental loss insurance with respect to our assets, with limits of (i) $965,000,000 per occurrence, including certified terrorist acts and $350,000,000 for non-certified terrorist acts for our 731 Lexington Avenue property, and (ii) $500,000,000 per occurrence, including certified terrorist acts and $350,000,000 for non-certified terrorist acts for our other properties.  To the extent that we incur losses in excess of our insurance coverage, these losses would be borne by us and could be material.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Our debt instruments, consisting of mortgage loans secured by our properties (which are generally non-recourse to us), contain customary covenants requiring us to maintain insurance.  Although we believe that we have adequate insurance coverage under these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future.  Further, if lenders insist on greater coverage than we are able to obtain, or if the Terrorism Risk Insurance Extension Act of 2005 is not extended past 2007, it could adversely affect our ability to finance and/or refinance our properties.</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;'><font size=2>9</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<b><font size=2>ALEXANDER&#146;S, INC. </font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(UNAUDITED)</font></b></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="46%" style='border-collapse:collapse'>
    <tr >
        <td width="15%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>9.</font></b></p> </td>
        <td width="84%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Commitments and Contingencies -continued</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><u><i><font size=2>Environmental Remediation </font></i></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>In June 1997, the Kings Plaza Regional Shopping Center commissioned an Environmental Study and Contamination Assessment Site Investigation (the &#147;Phase II Study&#148;) to evaluate and delineate environmental conditions disclosed in a Phase I study. The results of the Phase II Study indicated the presence of petroleum and bis (2-ethylhexyl) phthalate contamination in the soil and groundwater. We delineated the contamination, developed a remediation approach, and in July 2000 entered into a voluntary cleanup agreement with the New York State Department of Environmental Conservation (&#147;NYSDEC&#148;). We have completed the remediation work required pursuant to the NYSDEC remedial action work plan and have paid $2,675,000, which was accrued in previous years, for our estimated obligation with respect to the cleanup of the site.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>In
    July 2006, we discovered an oil spill at the above site.
    Based on a preliminary investigation, the spill may have
    occurred as a result of the actions of independent contractors.
    We have notified the NYSDEC about the spill and are in the
    process of developing a remediation approach to clean up
    the site. The estimated costs associated with the clean up
    of the site will aggregate approximately $2,500,000 and are
    expected to be covered under our insurance policy, subject
to our $500,000 deductible, which we have accrued.</font></p>

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

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><i><font size=2>Flushing Property</font></i></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>In the fourth quarter of 2003, we recognized $1,289,000 of income representing a non-refundable deposit of $1,875,000, net of $586,000 of costs associated with the transaction, from a party that had agreed to purchase this property, as such party had not met its obligations under a May 30, 2002 purchase contract. On September 10, 2002, November 7, 2002, and July 8, 2004, we received letters from the party demanding return of the deposit. On December 28, 2005, the party filed a complaint against us in the Supreme Court of the State of New York alleging that we failed to honor the terms and conditions of the agreement. The complaint seeks specific performance and, if specific performance is denied, it seeks the return of the deposit plus interest and $50,000 in costs. Pursuant to discussions with our legal counsel, we do not believe the party is entitled to either specific performance or a
return of the deposit and are defending against the action.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>In our opinion, after consultation with our legal counsel, the outcome of such matters will not have a material effect on our financial condition, results of operations or cash flows.  </font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><i><font size=2>Rego Park II</font></i></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>We own approximately 6.6 acres of land adjacent to our Rego Park I property in Queens, New York, which comprises the entire square block bounded by the Horace Harding Service Road (of the Long Island Expressway), 97<sup>th</sup> Street, 62<sup>nd</sup> Drive and Junction Boulevard.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>The proposed development at Rego Park II consists of a mixed-use building containing 600,000 square feet of retail space on four levels, a parking deck containing approximately 1,400 spaces and may also include up to 450 apartments in one or two towers.  Construction of the retail portion of the project has commenced and is estimated to cost approximately $400,000,000 and is expected to be completed in 2009.  The estimated cost for the apartments, if constructed, would be up to $200,000,000.  We are currently exploring various alternatives for financing this project.  As of June 30, 2007, we have leased 404,000 square feet of the retail space, of which, 135,000, 134,000 and 135,000 have been leased to Century 21, Kohl&#146;s and Home Depot, respectively.  There can be no assurance that this project will be completed, completed on time or completed for the budgeted amount.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>10</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<b><font size=2>ALEXANDER&#146;S, INC. </font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(UNAUDITED)</font></b></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="46%" style='border-collapse:collapse'>
    <tr >
        <td width="15%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>9.</font></b></p> </td>
        <td width="84%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Commitments and Contingencies -continued</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><i><font size=2>Paramus</font></i></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>In 2001 we leased 30.3 acres of land located in Paramus, New Jersey to IKEA Property, Inc. The lease has a 40-year term with a purchase option in 2021 for $75,000,000. We have a $68,000,000 interest only, non-recourse mortgage loan on the property from a third party lender. The fixed interest rate on the debt is 5.92% with interest payable monthly until maturity in October 2011. The annual triple-net rent is the sum of $700,000 plus the amount of debt service on the mortgage loan. If the purchase option is exercised, we will receive net cash proceeds of approximately $7,000,000 and recognize a gain on sale of land of approximately $62,000,000. If the purchase option is not exercised, the triple-net rent for the last 20 years must include the debt service sufficient to fully amortize $68,000,000 over the remaining 20-year lease term.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><i><font size=2>Letters of Credit</font></i></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Approximately $3,900,000 in standby letters of credit were issued and outstanding as of June 30, 2007.</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: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="28%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>10.</font></b></p> </td>
        <td width="71%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Income Per Share</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>The following table sets forth the computation of basic and diluted income per share, including a reconciliation of net income and the number of shares used in computing basic and diluted earning per share. Basic earnings per share is determined using the weighted average shares of common stock outstanding during the period. Diluted earnings per share is determined using the weighted average shares of common stock outstanding during the period and assumes all potentially dilutive securities were converted into common shares at the earliest date possible.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;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 style='page-break-inside:avoid'>
        <td width="50%" valign=bottom style='background:white; '>
            <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="1%" valign=bottom style='background:white'>
            <p 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="5" valign=bottom style='background:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Three Months Ended </font></b><br> <b><font size=2>June 30,</font></b></p> </div> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p 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="5" valign=bottom style='background:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Six Months Ended </font></b><br> <b><font size=2>June 30,</font></b></p> </div> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='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='page-break-inside:avoid'>
        <td width="50%" valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>(Amounts in thousands, except share and per share amounts)</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p 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:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </div> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p 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:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </div> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p 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:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </div> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p 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:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </div> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='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='page-break-inside:avoid'>
        <td width="50%" valign=top style='background:#CCEEFF'>
            <p style='margin-left:30.0pt;text-indent:-13.0pt;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>Net income applicable to common</font><br> <font size=2>stockholders &#150; basic and diluted</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <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='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background:#CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>19,609</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background:#CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>36,851</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <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='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background:#CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>51,785</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background:#CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>17,994</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <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='page-break-inside:avoid'>
        <td width="50%" valign=top style='background:white'>
            <p style='margin-left:30.0pt;text-indent:-13.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='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:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='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:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='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:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='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='page-break-inside:avoid'>
        <td width="50%" valign=top style='background:#CCEEFF'>
            <p style='margin-left:30.0pt;text-indent:-13.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Weighted average shares outstanding &#150; basic</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='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:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,040,417</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF'>
            <p style='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:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,025,000</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='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:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,039,494</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='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:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,024,983</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='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='page-break-inside:avoid'>
        <td width="50%" valign=top >
            <p style='margin-left:30.0pt;text-indent:-13.0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Dilutive effect of stock options</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 >
            <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="8%" 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>54,128</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 >
            <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="8%" 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>59,541</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 >
            <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="8%" 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>55,083</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 >
            <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="8%" 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>58,853</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> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="50%" valign=top style='background:#CCEEFF'>
            <p style='margin-left:30.0pt;text-indent:-13.0pt;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>Weighted average shares outstanding &#150; diluted</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <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='background:#CCEEFF; '>
            <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="8%" valign=bottom style='border-bottom: double black 2.25pt;background: #CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,094,545</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF'>
            <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='background:#CCEEFF; '>
            <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="8%" valign=bottom style='border-bottom: double black 2.25pt;background: #CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,084,541</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <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='background:#CCEEFF; '>
            <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="8%" valign=bottom style='border-bottom: double black 2.25pt;background: #CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,094,577</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <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='background:#CCEEFF; '>
            <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="8%" valign=bottom style='border-bottom: double black 2.25pt;background: #CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,083,836</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <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='page-break-inside:avoid'>
        <td width="50%" valign=top style='background:white'>
            <p style='margin-left:.25in;text-indent:-13.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='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:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='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:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='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:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr valign="middle" style='page-break-inside:avoid'>
        <td width="50%" style='background:#CCEEFF'>
      <p style='margin-left:30.0pt;text-indent:-13.0pt;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>Net  income per common share - basic</font></p> </td>
        <td width="1%" style='background:#CCEEFF; '>
      <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%" style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" style='border-bottom: double black 2.25pt;background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3.89</font></p> </td>
        <td width="1%" style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" style='border-bottom: double black 2.25pt;background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7.33</font></p> </td>
        <td width="1%" style='background:#CCEEFF; '>
      <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%" style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" style='border-bottom: double black 2.25pt;background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10.28</font></p> </td>
        <td width="1%" style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" style='border-bottom: double black 2.25pt;background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3.58</font></p> </td>
        <td width="1%" style='background:#CCEEFF; '>
      <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='page-break-inside:avoid'>
        <td width="50%" valign=top style='background:white'>
            <p style='margin-left:.25in;text-indent:-13.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='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:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='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:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='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:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr valign="middle" style='page-break-inside:avoid'>
        <td width="50%" style='background:#CCEEFF'>
      <p style='margin-left:30.0pt;text-indent:-13.0pt;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>Net income per common share - diluted</font></p> </td>
        <td width="1%" style='background:#CCEEFF; '>
      <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%" style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" style='border-bottom: double black 2.25pt;background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3.85</font></p> </td>
        <td width="1%" style='background:#CCEEFF'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" style='border-bottom: double black 2.25pt;background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7.25</font></p> </td>
        <td width="1%" style='background:#CCEEFF; '>
      <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%" style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" style='border-bottom: double black 2.25pt;background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10.16</font></p> </td>
        <td width="1%" style='background:#CCEEFF; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" style='background:#CCEEFF; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" style='border-bottom: double black 2.25pt;background:#CCEEFF'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3.54</font></p> </td>
        <td width="1%" style='background:#CCEEFF; '>
      <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='page-break-inside:avoid'>
        <td width="50%" valign=top style='background:white'>
            <p style='margin-left:.25in;text-indent:-13.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='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:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='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:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='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:white'>
            <p style='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:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='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:white'>
  <p 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>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>11</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<b><font size=2>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</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:left;'><font size=2>To the Board of Directors and Stockholders of </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Alexander&#146;s, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Paramus, New Jersey</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>We have reviewed the accompanying consolidated balance sheet of Alexander&#146;s, Inc. and subsidiaries (the &#147;Company&#148;) as of June 30, 2007, and the related consolidated statements of operations for the three-month and six-month periods ended June 30, 2007 and 2006 and cash flows for the six-month periods ended June 30, 2007 and 2006.  These interim financial statements are the responsibility of the Company&#146;s management.</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>We conducted our reviews in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.</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>Based on our reviews, we are not aware of any material modifications that should be made to such consolidated interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.</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>We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of Alexander&#146;s, Inc. and subsidiaries as of December 31, 2006, and the related consolidated statements of operations, stockholders&#146; equity, and cash flows for the year then ended (not presented herein); and in our report dated February 26, 2007, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2006 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.</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>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>/s/ DELOITTE &amp; TOUCHE LLP</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>Parsippany, New Jersey</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>July 30, 2007</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;'><font size=2>12</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="8%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font><b><font size=2>ITEM
      2.</font></b></p>  </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</font></b></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward-looking statements are not guarantees of future performance.  They involve risks, uncertainties and assumptions.  Our future results, financial condition, results of operations and business may differ materially from those expressed in these forward-looking statements.  You can find many of these statements by looking for words such as &#147;approximates,&#148; &#147;believes,&#148; &#147;expects,&#148; &#147;anticipates,&#148; &#147;estimates,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;would,&#148; &#147;may&#148; or other similar expressions in this Quarterly Report on Form 10-Q.  These forward-looking statements represent our intentions, plans,
expectations and beliefs and are subject to numerous assumptions, risks and uncertainties.  Many of the factors that will determine these items are beyond our ability to control or predict.  For a further discussion of these factors, see &#147;Item 1A - Risk Factors&#148; in our Annual Report on Form&nbsp;10-K.  </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:4%;text-align:justify;'><font size=2>For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q or the date of any document incorporated by reference.  All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.  We do not undertake any obligation to release publicly, any revisions to our forward-looking statements to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q.</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:4%;text-align:justify;'><font size=2>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations includes a discussion of our consolidated financial statements for the three and six months ended June 30, 2007 and 2006. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</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;'><font size=2>13</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Alexander&#146;s, Inc. is a real estate investment trust (&#147;REIT&#148;), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties. All references to &#147;we,&#148; &#147;us,&#148; &#147;our,&#148; or &#147;Company&#148; refer to Alexander&#146;s, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (&#147;Vornado&#148;). We have seven properties in the greater New York City metropolitan area including the 731 Lexington Avenue property, a 1.3 million square foot multi-use building in Manhattan, and the Kings Plaza Regional Shopping Center located in Brooklyn. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>We compete with a large number of real estate property owners and developers, some of which may be willing to accept lower returns on their investments. Principal factors of competition are rents charged, attractiveness of the location, the quality of the property and breadth and quality of the services provided. Our success depends upon, among other factors, trends of national and local economies, the financial condition and operating results of current and prospective tenants and customers, availability and cost of capital, construction and renovation costs, taxes, governmental regulations, legislation and population trends.</font></p>

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

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>Stock Appreciation Rights</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Stock appreciation rights (&#147;SARs&#148;) are granted at 100% of the market price of our common stock on the date of grant. Compensation expense for each SAR is measured by the excess of stock price at the current balance sheet date over the stock price at the previous balance sheet date. If the stock price is lower at the current balance sheet date, previously recognized expense is reversed but not below zero. In the three and six months ended June 30, 2007, we reversed $3,725,000 and $18,036,000, respectively, of previously recognized expense, based on our closing stock price of $404.25 at June 29, 2007 (compared to $411.70 at March 30, 2007 and $419.65 at December 29, 2006). In the three and six months ended June 30, 2006, we reversed $14,654,000 of previously recognized expense and accrued $22,907,000 for SARs compensation expense, based on our closing stock price of $271.76 at June
30, 2006 (compared to $289.00 at March 31, 2006 and $245.50 at December 30, 2005).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>On March 13, 2007, Michael Fascitelli, our President, exercised 350,000 of his existing SARs.  These SARs were granted to him on January 10, 2006 and were scheduled to expire on March 14, 2007.  He received $144.18 for each SAR exercised, representing the difference between our stock price of $388.01 (the average of the high and low market price) on the date of exercise and the exercise price of $243.83.  </font></p>

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

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>Kings Plaza </font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Lowe&#146;s Home Improvement Warehouse (&#147;Lowe&#146;s&#148;) will construct its own building adjacent to the mall, on land leased from us for a 20-year term with five 5-year renewal options.  The ground lease commenced on February 26, 2007 and provides for an initial annual rent of approximately $2,000,000.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>In March 2007, our consolidated joint venture, in which we have a 25% interest, completed the redevelopment of the energy plant that generates all of the electrical power at this property, for a total cost of approximately $18,350,000.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Critical Accounting Policies </font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>A summary of our critical accounting policies is included in our Annual Report on Form 10-K for the year ended December 31, 2006 in &#147;Item 7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; and &#147;Note 2 &#150; Summary of Significant Accounting Policies&#148; to the consolidated financial statements included therein. There have been no significant changes to those policies during 2007.</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Bloomberg L.P. accounted for approximately 31% and 35% of our consolidated revenues in the six months ended June 30, 2007 and 2006, respectively. No other tenant accounted for more than 10% of our consolidated revenues.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;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>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Results of Operations for the Three Months Ended June 30, 2007 and 2006</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Net income for the quarter ended June 30, 2007 was $19,609,000, or $3.85 per diluted share, compared to $36,851,000, or $7.25 per diluted share, for the quarter ended June 30, 2006. Net income for the quarter ended June 30, 2007 includes $3,725,000, or $0.73 per diluted share, for the reversal of a portion of the accrual for SARs compensation expense.  Net income for the quarter ended June 30, 2006 includes $14,654,000 for the reversal of a portion of the accrual for SARs compensation expense and $8,248,000 for an after-tax net gain from the sale of residential condominium units at 731 Lexington Avenue. These items, in the aggregate, increased net income for the quarter ended June 30, 2006, by $22,902,000, or $4.50 per diluted share.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>Property Rentals</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Property rentals were $35,222,000 in the quarter ended June 30, 2007, compared to $34,000,000 in the prior year&#146;s quarter, an increase of $1,222,000. This increase was primarily attributable to rents from tenants at 731 Lexington Avenue as a result of the lease-up of the remaining vacant space during the second half of 2006, as well as rent from the commencement of the Lowe&#146;s ground lease at Kings Plaza.</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>Expense Reimbursements</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Tenant expense reimbursements were $18,919,000 in the quarter ended June 30, 2007, compared to $15,371,000 in the prior year&#146;s quarter, an increase of $3,548,000. This increase was primarily due to real estate tax reimbursements in excess of expense recognized, from tenants at 731 Lexington Avenue, under leases that do not participate in a tax credit program.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>Operating Expenses</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Operating expenses were $20,194,000 in the quarter ended June 30, 2007, compared to $18,524,000 in the prior year&#146;s quarter, an increase of $1,670,000.  This increase was primarily attributable to our consolidated partially owned entity, the Kings Plaza energy plant joint venture, which became operational in March 2007.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>General and Administrative Expenses</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Excluding $3,725,000 and $14,654,000 for the reversal of a portion of the accrual for SARs compensation expense in the quarter ended June 30, 2007 and 2006, respectively, general and administrative expenses were $498,000 higher in current year&#146;s quarter primarily due to professional fees.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>Interest and Other Income, net</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Interest and other income, net was $7,055,000 in the quarter ended June 30, 2007, compared to $6,803,000 in the prior year&#146;s quarter, an increase of $252,000. This increase resulted primarily from higher average yields on investments. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>Interest and Debt Expense</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Interest and debt expense was $16,507,000 in the quarter ended June 30, 2007, compared to $17,096,000 in the prior year&#146;s quarter, a decrease of $589,000. This decrease was primarily due to (i) a $794,000 increase in interest capitalized in the current quarter ($908,000 of interest was capitalized in the current quarter, compared to $114,000 in the prior year&#146;s quarter), and (ii) a $197,000 decrease in interest on leasing commissions due to Vornado, as a result of amending our leasing agreement with Vornado, which became effective on January 1, 2007, partially offset by, (iii) $607,000 of accrued interest on the liability for unrecognized tax benefits, in connection with the adoption of FASB Interpretation No. 48. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>Minority Interest of Partially Owned Entity</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Minority interest of partially owned entity represents our venture partner&#146;s 75% prorata share of income in our consolidated partially owned entity, the Kings Plaza energy plant joint venture, which became operational in March 2007.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>Income Tax Expense of the Taxable REIT Subsidiary</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Income tax expense of the taxable REIT subsidiary was $1,106,000 in the quarter ended June 30, 2007, compared to $7,013,000 in the prior year&#146;s quarter, a decrease of $5,907,000.  This decrease was primarily due to the sale of the remaining residential condominium units at 731 Lexington Avenue during 2006.</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;'><font size=2>15</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Results of Operations for the Six Months Ended June 30, 2007 and 2006</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Net income for the six months ended June 30, 2007 was $51,785,000, or $10.16 per diluted share, compared to $17,994,000, or $3.54 per diluted share, for the six months ended June 30, 2006. Net income for the six months ended June 30, 2007 includes $18,036,000, or $3.54 per diluted share, for the reversal of a portion of the accrual for SARs compensation expense.  Net income for the six months ended June 30, 2006 includes $22,907,000 for an accrual of SARs compensation expense, partially offset by, $13,256,000 for an after-tax net gain from the sale of residential condominium units at 731 Lexington Avenue. These items, in the aggregate, decreased net income for the six months ended June 30, 2006, by $9,651,000, or $1.90 per diluted share.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>Property Rentals</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Property rentals were $70,096,000 in the six months ended June 30, 2007, compared to $67,832,000 in the prior year&#146;s six months, an increase of $2,264,000. This increase was primarily attributable to rents from tenants at 731 Lexington Avenue as a result of the lease-up of the remaining vacant space during the second half of 2006, as well as rent from the commencement of the Lowe&#146;s ground lease at Kings Plaza.</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>Expense Reimbursements</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Tenant expense reimbursements were $36,241,000 in the six months ended June 30, 2007, compared to $29,915,000 in the prior year&#146;s six months, an increase of $6,326,000. This increase was primarily due to real estate tax reimbursements in excess of expense recognized, from tenants at 731 Lexington Avenue, under leases that do not participate in a tax credit program.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>Operating Expenses</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Operating expenses were $38,119,000 in the six months ended June 30, 2007, compared to $35,757,000 in the prior year&#146;s six months, an increase of $2,362,000.  This increase was primarily attributable to our consolidated partially owned entity, the Kings Plaza energy plant joint venture, which became operational in March 2007.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>General and Administrative Expenses</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Excluding $18,036,000 for the reversal of a portion of the accrual for SARs compensation expense in 2007 and $22,907,000 for an accrual of SARs compensation expense in 2006, general and administrative expenses were $870,000 higher in the current year primarily due to (i) $350,000 of organization costs incurred in connection with forming the Kings Plaza joint venture, and (ii) higher professional fees.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>Interest and Other Income, net</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Interest and other income, net was $14,117,000 in the six months ended June 30, 2007, compared to $12,981,000 in the prior year&#146;s six months, an increase of $1,136,000.  This increase resulted primarily from higher average yields on investments.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>Interest and Debt Expense</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Interest and debt expense was $33,145,000 in the six months ended June 30, 2007, compared to $34,148,000 in the prior year&#146;s six months, a decrease of $1,003,000. This decrease was primarily due to (i) a $1,465,000 increase in interest capitalized in the current year&#146;s six months ($1,579,000 of interest was capitalized in the current year&#146;s six months, compared to $114,000 in the prior year&#146;s six months), and (ii) a $392,000 decrease in interest on leasing commissions due to Vornado, as a result of amending our leasing agreement with Vornado, which became effective on January 1, 2007, partially offset by, (iii) $1,226,000 of accrued interest on the liability for unrecognized tax benefits, in connection with the adoption of FASB Interpretation No. 48. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>Minority Interest of Partially Owned Entity</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Minority interest of partially owned entity represents our venture partner&#146;s 75% prorata share of loss in our consolidated partially owned entity, the Kings Plaza energy plant joint venture, which became operational in March 2007.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>Income Tax Expense of the Taxable REIT Subsidiary</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Income tax expense of the taxable REIT subsidiary was $1,106,000 in the six months ended June 30, 2007, compared to $11,273,000 in the prior year&#146;s six months, a decrease of $10,167,000.  This decrease was primarily due to the sale of the remaining residential condominium units at 731 Lexington Avenue during 2006.</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;'><font size=2>16</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<b><font size=2>Liquidity and Capital Resources</font></b></p>

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

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

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

<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:2%;text-align:left;'><u><font size=2>Rego Park II</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>We own approximately 6.6 acres of land adjacent to our Rego Park I property in Queens, New York, which comprises the entire square block bounded by the Horace Harding Service Road (off the Long Island Expressway), 97<sup>th</sup> Street, 62<sup>nd</sup> Drive and Junction Boulevard.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>The proposed development at Rego Park II consists of a mixed-use building containing 600,000 square feet of retail space on four levels, a parking deck containing approximately 1,400 spaces and may also include up to 450 apartments in one or two towers.  Construction of the retail portion of the project has commenced and is estimated to cost approximately $400,000,000 and is expected to be completed in 2009.  The estimated cost for the apartments, if constructed, would be up to $200,000,000.  We are currently exploring various alternatives for financing this project.  As of June 30, 2007, we have leased 404,000 square feet of the retail space, of which, 135,000, 134,000 and 135,000 have been leased to Century 21, Kohl&#146;s and Home Depot, respectively.  There can be no assurance that this project will be completed, completed on time or completed for the budgeted amount.  </font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>We carry commercial liability and all risk property insurance for (i)&nbsp;fire, (ii)&nbsp;flood, (iii)&nbsp;extended coverage, (iv)&nbsp;&#147;acts of terrorism&#148; as defined in the Terrorism Risk Insurance Extension Act of 2005, which expires in 2007, and (v)&nbsp;rental loss insurance with respect to our assets, with limits of (i) $965,000,000 per occurrence, including certified terrorist acts and $350,000,000 for non-certified terrorist acts for our 731 Lexington Avenue property, and (ii) $500,000,000 per occurrence, including certified terrorist acts and $350,000,000 for non-certified terrorist acts for our other properties.  To the extent that we incur losses in excess of our insurance coverage, these losses would be borne by us and could be material.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Our debt instruments, consisting of mortgage loans secured by our properties (which are generally non-recourse to us), contain customary covenants requiring us to maintain insurance.  Although we believe that we have adequate insurance coverage under these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future.  Further, if lenders insist on greater coverage than we are able to obtain, or if the Terrorism Risk Insurance Extension Act of 2005 is not extended past 2007, it could adversely affect our ability to finance and/or refinance our properties.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><i><font size=2>Stock Appreciation Rights</font></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>As of June 30, 2007, 500,000 SARs were outstanding and exercisable.  These SARs have a weighted average exercise price of $70.38 and are scheduled to expire on March 4, 2009.  Since the SARs agreements require that they be settled in cash, we would have had to pay $166,937,000 if the holders of these SARs had exercised their SARs on June 30, 2007.  Any change in our stock price from the closing price of $404.25 on June 29, 2007, will increase or decrease the amount we will have to pay upon exercise.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;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>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'>
<font size=2> </font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><i><font size=2>Six Months Ended June 30, 2007</font></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Cash and cash equivalents were $542,132,000 at June 30, 2007, compared to $615,516,000 at December 31, 2006, a decrease of $73,384,000.  This decrease resulted primarily from $9,742,000 of net cash used in operating activities, $57,104,000 of net cash used in investing activities and $6,538,000 of net cash used in financing activities.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Rental income from our properties is our principal source of operating cash flow.  Our property rental income is dependent on a number of factors including the occupancy level and rental rates of our properties, as well as our tenants&#146; ability to pay their rents.  Our properties provide us with a relatively consistent stream of cash flow that enables us to pay our operating expenses, non-development capital improvements and interest expense.  Other sources of liquidity to fund our cash requirements include our existing cash, proceeds from debt financings, including mortgage or construction loans secured by our properties and proceeds from asset sales.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Net cash used in operating activities of $9,742,000 was primarily comprised of (i) the net change in operating assets and liabilities of $47,432,000 and (ii) adjustments for non-cash items of $14,095,000, partially offset by, (iii) net income of $51,785,000.&nbsp;The net change in operating assets and liabilities was primarily comprised of a $50,465,000 payment for a portion of the liability for stock appreciation rights.  The adjustments for non-cash items were primarily comprised of (a) liability for stock appreciation rights of $18,774,000, (b) straight-lining of rental income of $7,657,000 and (c) minority interest of $163,000, partially offset by, (d) depreciation and amortization of $12,499,000.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Net cash used in investing activities of $57,104,000 was primarily comprised of capital expenditures of $56,475,000 and restricted cash of $629,000.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Net cash used in financing activities of $6,538,000 was primarily comprised of repayments of borrowings of $6,995,000, partially offset by, $457,000 for the exercise of share options.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.29%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><i><font size=2>Six Months Ended June 30, 2006</font></i></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:4%;text-align:justify;'><font size=2>Cash and cash equivalents were $614,357,000 at June 30, 2006, compared to $578,406,000 at December 31, 2005, an increase of $35,951,000.  This increase resulted primarily from $20,836,000 and $19,341,000 of net cash provided by operating activities and investing activities, respectively, partially offset by, $4,226,000 of net cash used in financing activities.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Net cash provided by operating activities of $20,836,000 was comprised of (i) net income of $17,994,000, (ii) the net change in operating assets and liabilities of $96,000 and (iii) non-cash items of $2,746,000.  The adjustments for non-cash items are primarily comprised of (a) a $22,907,000 liability for stock appreciation rights, and (b) depreciation and amortization of $12,049,000, partially offset by, (c) $24,529,000 resulting from the net gain on sale of condominiums at 731 Lexington Avenue and (d) the effect of straight-lining of rental income of $7,681,000.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Net cash provided by investing activities of $19,341,000 was primarily comprised of (i) $39,383,000 of proceeds from the sales of condominiums at 731 Lexington Avenue, partially offset by, (ii) capital expenditures of $19,599,000 and (iii) restricted cash of $443,000.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>Net cash used in financing activities of $4,226,000 was primarily comprised of debt repayments of $4,296,000, partially offset by $70,000 for the exercise of share options.</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<b><font size=2>Funds from Operations (&#147;FFO&#148;) </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:4%;text-align:justify;'><font size=2>FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (&#147;NAREIT&#148;). NAREIT defines FFO as net income or loss determined in accordance with Generally Accepted Accounting Principles (&#147;GAAP&#148;), excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus specified non-cash items, such as real estate asset depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.57%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>FFO and FFO per diluted share are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. FFO and FFO per diluted share should be evaluated along with GAAP net income and income per diluted share (the most directly comparable GAAP measures), as well as cash flow from operating activities, investing activities and financing activities, in evaluating the operating performance of equity REITs. Management believes that FFO and FFO per diluted share are helpful to investors as supplemental performance measures because these measures exclude the effect of depreciation, amortization and gains or losses from sales of real estate, all of which are based on historical costs which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market
conditions, these non-GAAP measures can facilitate comparisons of operating performance between periods and among other equity REITs.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.57%;text-align:justify;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of cash available to fund cash needs as disclosed in our Statements of Cash Flows. FFO should not be considered as an alternative to net income as an indicator of the Company&#146;s operating performance or as an alternative to cash flows as a measure of liquidity.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><i><font size=2>FFO for the Quarters and Six Months Ended June 30, 2007 and 2006</font></i></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:4%;text-align:justify;'><font size=2>FFO for the quarter ended June 30, 2007 was $25,257,000, or $4.96 per diluted share, compared to $42,265,000, or $8.31 per diluted share, for the quarter ended June 30, 2006. FFO for the quarter ended June 30, 2007 includes $3,725,000, or $0.73 per diluted share, for the reversal of a portion of the accrual for SARs compensation expense.  FFO for the quarter ended June 30, 2006 includes $14,654,000 for the reversal of a portion of the accrual for SARs compensation expense and $8,248,000 for an after-tax net gain from the sale of residential condominium units at 731 Lexington Avenue. These items, in the aggregate, increased FFO for the quarter ended June 30, 2006 by $22,902,000, or $4.50 per diluted share. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>FFO for the six months ended June 30, 2007 was $62,924,000, or $12.35 per diluted share, compared to $28,683,000, or $5.64 per diluted share, for the six months ended June 30, 2006. FFO for the six months ended June 30, 2007 includes $18,036,000, or $3.54 per diluted share, for the reversal of a portion of the accrual for SARs compensation expense.  FFO for the six months ended June 30, 2006 includes $22,907,000 for the accrual of SARs compensation expense, partially offset by, $13,256,000 for an after-tax net gain from the sale of residential condominium units at 731 Lexington Avenue. These items, in the aggregate, decreased FFO for the six months ended June 30, 2006 by $9,651,000, or $1.90 per diluted share. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>The following table reconciles net income to FFO:</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="98%" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="48%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='background:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Three Months Ended </font></b><br> <b><font size=2>June 30,</font></b></p> </div> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='background:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Six Months Ended </font></b><br> <b><font size=2>June 30,</font></b></p> </div> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="48%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>(Amounts in thousands, except share and per share amounts)</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='background:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </div> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='background:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </div> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='background:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </div> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='background:white; '>
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </div> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="48%" valign=top style='background:white'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="48%" valign=top style='background:#CCEEFF'>
            <p style='margin-left:20.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Net income</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='background:#CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>19,609</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='background:#CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>36,851</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='background:#CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>51,785</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>17,994</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="48%" valign=top style='background:white'>
            <p style='margin-left:20.0pt;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Depreciation and amortization of real property</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,648</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,414</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11,139</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: solid black 1.0pt; background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10,689</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="48%" valign=top style='background:#CCEEFF'>
            <p style='margin-left:20.0pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>FFO</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background: #CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>25,257</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background: #CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>42,265</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background: #CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>62,924</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background: #CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>28,683</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="48%" valign=top style='background:white'>
            <p style='margin-left:20.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="48%" valign=top style='background:#CCEEFF'>
            <p style='margin-left:20.0pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>FFO per diluted share</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background:#CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>4.96</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background:#CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>8.31</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background:#CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12.35</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background:#CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5.64</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="48%" valign=top style='background:white'>
            <p style='margin-left:20.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='background:white'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:white'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="48%" valign=top style='background:#CCEEFF'>
            <p style='margin-left:20.0pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>Weighted average shares used in computing diluted FFO per share </font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background:#CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,094,545</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background:#CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,084,541</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background:#CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,094,577</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#CCEEFF; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background:#CCEEFF'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,083,836</font></p> </td>
        <td width="1%" valign=bottom style='background:#CCEEFF'>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;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>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>19</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<b><font size=2>Item 3.</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2>Quantitative and Qualitative Disclosures About Market Risk</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>At June 30, 2007, we had $1,061,503,000 of fixed rate debt at a weighted average interest rate of 5.80% and as such, we have no exposure to changes in interest rates for the remaining terms of our existing debt. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>The fair value of our debt, estimated by discounting future contractual cash flows of our existing debt using the current rates available to borrowers with similar credit ratings for the remaining terms of such debt, is less than the aggregate carrying amount by approximately $56,887,000 at June 30, 2007. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>&nbsp;</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="30%" style='border-collapse:collapse'>
    <tr >
        <td width="23%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 4.</font></b></p> </td>
        <td width="76%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Controls and Procedures</font></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:4%;text-align:justify;'><font size=2>(a) Disclosure Controls and Procedures &#150; Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, our disclosure controls and procedures are effective.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>(b) Internal Control Over Financial Reporting &#150; There have not been any changes in our internal control over financial reporting during the fiscal quarter to which this Quarterly Report on Form 10-Q relates that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>&nbsp;</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="34%" style='border-collapse:collapse'>
    <tr >
        <td width="26%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>PART II.  </font></b></p> </td>
        <td width="73%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>OTHER INFORMATION</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.29%;text-align:justify;'><font size=2>&nbsp;</font></p>


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

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="7%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 1.</font></b></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Legal Proceedings</font></b></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.43%;text-align:justify;'><font size=2>&nbsp;</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:4%;text-align:justify;'><font size=2>We are from time to time involved in legal actions arising in the ordinary course of business.  In our opinion, after consultation with our legal counsel, the outcome of such matters will not have a material effect on our financial condition, results of operations or cash flows.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>&nbsp;</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="7%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 1A.</font></b></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Risk Factors</font></b></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>There have been no material changes in our &#147;Risk Factors&#148; as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2006. </font></p>

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


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


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="7%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 2.</font></b></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Unregistered Sales of Equity Securities and Use of Proceeds </font></b></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'><font size=2>None.</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:4%;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="7%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 3.</font></b></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Defaults Upon Senior Securities</font></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:4%;text-align:justify;'><font size=2>None.</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;'><font size=2>20</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;text-align:justify;'>
</p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="7%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 4.</font></b></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Submission of Matters to a Vote of Security Holders</font></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-align:justify;'><font size=2>On
    May 17, 2007, we held our Annual Meeting of Stockholders.
    Two proposals were presented for approval. The results of
the voting are shown below:</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="3%" valign=top >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="4%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(i)</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 election of two nominees to serve on the Board of Directors for a term of three years or until their respective successors are duly elected and qualified.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.57%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="90%" style='margin-left:.5in;border-collapse:collapse'>
    <tr >
        <td width="25%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black 1.0pt;  margin-left:.05in;margin-right:0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Nominees</font></p> </div> </td>
        <td width="25%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black 1.0pt;  margin-left:.05in;margin-right:0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Term</font></p> </div> </td>
        <td width="25%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black 1.0pt;  margin-left:.05in;margin-right:0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Votes Cast</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>For</font></p> </div> </td>
        <td width="25%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black 1.0pt;  margin-left:.05in;margin-right:0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Votes Withheld</font></p> </div> </td> </tr>
    <tr >
        <td width="25%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="25%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="25%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="25%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="25%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  ><font size=2>Michael D Fascitelli</font></p> </td>
        <td width="25%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>3 years</font></p> </td>
        <td width="25%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>4,775,784</font></p> </td>
        <td width="25%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>126,781</font></p> </td> </tr>
    <tr >
        <td width="25%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  ><font size=2>Thomas R. DiBenedetto</font></p> </td>
        <td width="25%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>3 years</font></p> </td>
        <td width="25%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>4,898,608</font></p> </td>
        <td width="25%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center;text-indent:9.0pt; '><font size=2>3,957</font></p> </td> </tr>
    <tr >
        <td width="25%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="25%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="25%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="25%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
  <p  ><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the two nominees elected above, Steven Roth, David Mandelbaum, Neil Underberg, Russell B. Wight, Jr., Arthur I. Sonnenblick and Dr. Richard R. West continue to serve as Directors after the meeting.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8%;text-align:justify;'><font size=2>Because of the nature of the election of the Board of Directors, there were no abstentions or broker non-votes.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8%;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="3%" valign=top >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="4%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(ii)</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 ratification of the appointment of Deloitte &amp; Touche LLP as our independent auditors.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.57%;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="70%" style='margin-left:113.4pt;border-collapse:collapse'>
    <tr >
        <td width="33%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black 1.0pt;  margin-left:.05in;margin-right:0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Votes Cast</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>For</font></p> </div> </td>
        <td width="33%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black 1.0pt;  margin-left:.05in;margin-right:0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Votes Cast</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Against </font></p> </div> </td>
        <td width="33%" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black 1.0pt;  margin-left:.05in;margin-right:0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Abstentions</font></p> </div> </td> </tr>
    <tr >
        <td width="33%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>4,901,721</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>627</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>217</font></p> </td> </tr>
    <tr >
        <td width="33%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
  <p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8%;text-align:justify;'><font size=2>Because of the nature of the ratification of our independent auditors, there were no broker non-votes.  </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;'><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="6%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 5.</font></b></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Other Information</font></b></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.14%;text-align:justify;'><font size=2>&nbsp;</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:4%;text-align:justify;'><font size=2>None.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;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="7%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 6.</font></b></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Exhibits</font></b></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;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="4%" valign=top >
            <p  ><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>Exhibits required by Item 601 of Regulation S-K are filed herewith and are listed in the attached</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8%;text-align:justify;'><font size=2>Exhibit Index.</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;'><font size=2>21</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:42pt; margin-top:0pt;text-align:center;'>
<b><font size=2>SIGNATURES</font></b></p>

<p style=' margin-bottom:42pt; margin-top:0pt; text-indent:7.14%;text-align:justify;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</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 style='page-break-inside:avoid'>
        <td width="48%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="45%" valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:35.1pt;text-indent:-32.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>ALEXANDER&#146;S, INC.</font></b></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="48%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="45%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:80.1pt;text-indent:-77.5pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(Registrant)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="48%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="45%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
    <tr style='page-break-inside:avoid'>
        <td width="48%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="45%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
    <tr style='page-break-inside:avoid'>
        <td width="48%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="45%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
    <tr style='page-break-inside:avoid'>
        <td width="48%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="45%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
    <tr style='page-break-inside:avoid'>
        <td width="48%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Date July 30, 2007</font></p> </td>
        <td width="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td width="45%" valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:2.6pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ Joseph Macnow</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="48%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="45%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.05in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Joseph Macnow, Executive Vice President and</font><br> <font size=2>Chief Financial Officer (duly authorized officer and principal financial and accounting officer)</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-indent:43.71%;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>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>22</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

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

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

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


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="93%" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-bottom:solid black 1.0pt;  padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Exhibit No.</font></b></p>  </div>  </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>  </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>3.1</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Amended and Restated Certificate of Incorporation. Incorporated herein by reference</font><br> <font size=2>from Exhibit 3.1 to the registrant&#146;s Registration Statement on Form S-3 filed on</font><br> <font size=2>September 20, 1995</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>3.2</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>By-laws, as amended. Incorporated herein by reference from Exhibit 10.1 to the </font><br> <font size=2>registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2000</font>     </p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.1</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Real Estate Retention Agreement dated as&nbsp;of July 20, 1992, between Vornado Realty </font><br> <font size=2>Trust and Keen Realty Consultants, Inc., each as&nbsp;special real estate consultants, and the </font><br> <font size=2>Company. Incorporated herein by reference from Exhibit 10(i)(O) to the registrant&#146;s </font><br> <font size=2>Annual Report on Form 10-K for the fiscal year ended July 25, 1992</font>                             </p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.2</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Extension Agreement to the Real Estate Retention Agreement, dated as of February 6, </font><br> <font size=2>1995, between the Company and Vornado Realty Trust. Incorporated herein by reference </font><br> <font size=2>from Exhibit 10(i)(G)(2) to the registrant&#146;s Annual Report Form 10-K for the year ended </font><br> <font size=2>December 31, 1994</font>                                              </p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.3</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant&#146;s Omnibus Stock Plan, as amended, dated May 28, 1997. Incorporated herein </font><br> <font size=2>by reference from Exhibit 10 to the registrant&#146;s Quarterly Report on Form 10-Q for the </font><br> <font size=2>quarter ended June 30, 1997, filed on August 13, 1997</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.4</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Amended, Restated and Consolidated Mortgage and Security Agreement, dated May 12, </font><br> <font size=2>1999, between The Chase Manhattan Bank, as mortgagee, and Alexander&#146;s Rego </font><br> <font size=2>Shopping Center Inc., as mortgagor. Incorporated herein by reference from Exhibit </font><br> <font size=2>10(i)(E) to the registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended June&nbsp;30, </font><br> <font size=2>2000, filed on August 8, 2000</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.5</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Agreement of Lease dated as of April 30, 2001 between Seven Thirty One Limited </font><br> <font size=2>Partnership, landlord, and Bloomberg L.P., tenant. Incorporated herein by reference from </font><br> <font size=2>Exhibit 10(v) B to the registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended </font><br> <font size=2>June 30, 2001, filed on August 2, 2001</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.6</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Amended and Restated Consolidated Mortgage and Security Agreement dated as of </font><br> <font size=2>May&nbsp;31, 2001 among Alexander&#146;s Kings Plaza LLC as mortgagor, Alexander&#146;s of King </font><br> <font size=2>LLC as mortgagor and Kings Parking LLC as mortgagor, collectively borrower, to </font><br> <font size=2>Morgan Guaranty Trust Company of New York, as mortgagee. Incorporated herein by </font><br> <font size=2>reference from Exhibit 10(v) A1 to the registrant&#146;s Quarterly Report on Form 10-Q for the </font><br> <font size=2>quarter ended June 30, 2001, filed on August 2, 2001</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.7</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Amended, Restated and Consolidated Promissory Note, dated as of May 31, 2001 by and </font><br> <font size=2>between Alexander&#146;s Kings Plaza LLC, Alexander&#146;s of Kings LLC, and Kings&nbsp;Parking </font><br> <font size=2>LLC collectively borrower, and Morgan Guaranty Trust Company of New York, lender. </font><br> <font size=2>Incorporated herein by reference from Exhibit 10(v) A2 to the registrant&#146;s Quarterly </font><br> <font size=2>Report on Form 10-Q for the quarter ended June 30, 2001, filed on August 2, 2001</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.8</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Cash Management Agreement dated as of May 31, 2001 by and between Alexander&#146;s </font><br> <font size=2>Kings Plaza LLC, Alexander&#146;s of Kings LLC, and Kings Parking LLC collectively </font><br> <font size=2>borrower, and Morgan Guaranty Trust Company of New York, lender. Incorporated </font><br> <font size=2>herein by reference from Exhibit 10(v) A3 to the registrant&#146;s Quarterly Report on </font><br> <font size=2>Form&nbsp;10-Q for the quarter ended June 30, 2001, filed on August 2, 2001</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.9</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Note modification and Severance Agreement dated as of November 26, 2001, between </font><br> <font size=2>Alexander&#146;s Kings Plaza LLC, Alexander&#146;s of Kings LLC, and Kings Parking LLC </font><br> <font size=2>collectively borrower and JP Morgan Chase Bank of New York, lender. Incorporated </font><br> <font size=2>herein by reference from Exhibit 10(v)(A)(4) to the registrant&#146;s Annual Report on </font><br> <font size=2>Form&nbsp;10-K for the year ended December 31, 2001, filed on March 13, 2002</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'><p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p></td>
    </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><br> <font size=2>*</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>___________________</font><br> <font size=2>Incorporated by reference.</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;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;'>
</p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

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


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="93%" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.10</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Loan Agreement dated as of October 2, 2001 by and between ALX of Paramus LLC as </font><br> <font size=2>borrower, and SVENSKA HANDELSBANKEN AB (publ), as lender. Incorporated </font><br> <font size=2>herein by reference from Exhibit 10(v)(C)(1) to the registrant&#146;s Annual Report on Form </font><br> <font size=2>10-K for the year ended December 31, 2001, filed on March 13, 2002</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.11</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Mortgage, Security Agreement and Fixture Financing Statement dated as of October 2, </font><br> <font size=2>2001 by and between ALX of Paramus LLC as borrower, and SVENSKA </font><br> <font size=2>HANDELSBANKEN AB (publ), as lender. Incorporated herein by reference from Exhibit </font><br> <font size=2>10(v)(C)(2) to the registrant&#146;s Annual Report on Form 10-K for the year ended December </font><br> <font size=2>31, 2001, filed on March 13, 2002</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.12</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Environmental undertaking letter dated as of October 2, 2001 by and between ALX of </font><br> <font size=2>Paramus LLC, as borrower, and SVENSKA HANDELSBANKEN AB (publ), as lender. </font><br> <font size=2>Incorporated herein by reference from Exhibit 10(v)(C)(3) to the registrant&#146;s Annual </font><br> <font size=2>Report on Form 10-K for the fiscal year ended December 31, 2001, filed on March 13,</font><br> <font size=2>2002</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.13</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Lease dated as of October 2, 2001 by and between ALX of Paramus LLC, as Landlord, </font><br> <font size=2>and IKEA Property, Inc. as Tenant. Incorporated herein by reference from Exhibit </font><br> <font size=2>10(v)(C)(4) to the registrant&#146;s Annual Report on Form 10-K for the year ended December </font><br> <font size=2>31, 2001, filed on March 13, 2002 </font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.14</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Amendment to Real Estate Retention Agreement, dated as of July 3, 2002, by and </font><br> <font size=2>between Alexander&#146;s, Inc. and Vornado Realty, L.P. Incorporated herein by reference </font><br> <font size=2>from Exhibit 10(i)(E)(3) to the registrant&#146;s Quarterly Report on Form 10-Q for the quarter </font><br> <font size=2>ended June 30, 2002, filed on August 7, 2002</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.15</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>59<sup>th</sup> Street Real Estate Retention Agreement, dated as of July 3, 2002, by and between </font><br> <font size=2>Vornado Realty, L.P., 731 Residential LLC and 731 Commercial LLC. Incorporated </font><br> <font size=2>herein by reference from Exhibit 10(i)(E)(4) to the registrant&#146;s Quarterly Report on Form </font><br> <font size=2>10-Q for the quarter ended June 30, 2002, filed on August 7, 2002</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.16</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Amended and Restated Management and Development Agreement, dated as of July&nbsp;3, </font><br> <font size=2>2002, by and between Alexander&#146;s, Inc., the subsidiaries party thereto and Vornado </font><br> <font size=2>Management Corp. Incorporated herein by reference from Exhibit 10(i)(F)(1) to the </font><br> <font size=2>registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2002, filed on</font><br> <font size=2>August 7, 2002</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.17</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>59<sup>th</sup> Street Management and Development Agreement, dated as of July 3, 2002, by and </font><br> <font size=2>between 731 Commercial LLC and Vornado Management Corp. Incorporated herein by </font><br> <font size=2>reference from Exhibit 10(i)(F)(2) to the registrant&#146;s Quarterly Report on Form 10-Q for </font><br> <font size=2>the quarter ended June 30, 2002, filed on August 7, 2002</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.18</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Kings Plaza Management Agreement, dated as of May 31, 2001, by and between </font><br> <font size=2>Alexander&#146;s Kings Plaza LLC and Vornado Management Corp. Incorporated herein by </font><br> <font size=2>reference from Exhibit 10(i)(F)(3) to the registrant&#146;s Quarterly Report on Form 10-Q for </font><br> <font size=2>the quarter ended June 30, 2002, filed on August 7, 2002</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.19</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Limited Liability Company Operating Agreement of 731 Residential LLC, dated as of </font><br> <font size=2>July&nbsp;3, 2002, among 731 Residential Holding LLC, as the sole member, Domenic A. </font><br> <font size=2>Borriello, as an Independent Manager and Kim Lutthang, as an Independent Manager. </font><br> <font size=2>Incorporated herein by reference from Exhibit 10(i)(A)(1) to the registrant&#146;s Quarterly </font><br> <font size=2>Report on Form 10-Q for the quarter ended June 30, 2002, filed on August 7, 2002</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.20</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Limited Liability Company Operating Agreement of 731 Commercial LLC, dated as of </font><br> <font size=2>July 3, 2002, among 731 Commercial Holding LLC, as the sole member, Domenic A. </font><br> <font size=2>Borriello, as an Independent Manager and Kim Lutthang, as an Independent Manager. </font><br> <font size=2>Incorporated herein by reference from Exhibit 10(i)(A)(2) to the registrant&#146;s Quarterly </font><br> <font size=2>Report on Form 10-Q for the quarter ended June 30, 2002, filed on August 7, 2002</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><br> <font size=2>*</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>___________________</font><br> <font size=2>Incorporated by reference.</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;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>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

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


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="93%" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.21</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Reimbursement Agreement, dated as of July 3, 2002, by and between Alexander&#146;s, Inc., </font><br> <font size=2>731 Commercial LLC, 731 Residential LLC and Vornado Realty, L.P. Incorporated </font><br> <font size=2>herein by reference from Exhibit 10(i)(C)(8) to the registrant&#146;s Quarterly Report on Form </font><br> <font size=2>10-Q for the quarter ended June 30, 2002, filed on August 7, 2002</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.22</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>First Amendment of Lease, dated as of April 19, 2002, between Seven Thirty One Limited </font><br> <font size=2>Partnership, landlord and Bloomberg L.P., tenant. Incorporated herein by reference from </font><br> <font size=2>Exhibit 10(v)(B)(2) to the registrant&#146;s Quarterly Report on Form 10-Q for the fiscal </font><br> <font size=2>quarter ended June 30, 2002, filed on August 7, 2002</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.23</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Loan and Security Agreement, dated as of February 13, 2004, between 731 Office One </font><br> <font size=2>LLC, as Borrower and German American Capital Corporation, as Lender. Incorporated </font><br> <font size=2>herein by reference from Exhibit 10.20 to the registrant&#146;s Annual Report on Form 10-K </font><br> <font size=2>for the year ended December 31, 2003, filed on March 2, 2004</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.24</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Amended, Restated and Consolidated Mortgage, Security Agreement, Financing </font><br> <font size=2>Statement and Assignment of Leases, Rent and Security Deposits by and between </font><br> <font size=2>731&nbsp;Office One LLC as Borrower and German American Capital Corporation as Lender, </font><br> <font size=2>dated as of February 13, 2004. Incorporated herein by reference from Exhibit 10.21 to the </font><br> <font size=2>registrant&#146;s Annual Report on Form 10-K for the year ended December 31, 2003, filed on </font><br> <font size=2>March 2, 2004</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.25</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Amended, Restated and Consolidated Note, dated as of February 13, 2004, by 731&nbsp;Office</font><br> <font size=2>One LLC in favor of German American Capital Corporation. Incorporated herein by </font><br> <font size=2>reference from Exhibit 10.22 to the registrant&#146;s Annual Report on Form 10-K for the year </font><br> <font size=2>ended December 31, 2003, filed on March 2, 2004</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.26</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Assignment of Leases, Rents and Security Deposits from 731 Office One LLC to German </font><br> <font size=2>American Capital Corporation, dated as of February 13, 2004. Incorporated herein by </font><br> <font size=2>reference from Exhibit 10.23 to the registrant&#146;s Annual Report on Form 10-K for the year</font><br> <font size=2>ended December 31, 2003, filed on March 2, 2004</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.27</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Account and Control Agreement, dated as of February 13, 2004, by and among German </font><br> <font size=2>American Capital Corporation as Lender, and 731 Office One LLC as Borrower, and JP </font><br> <font size=2>Morgan Chase as Cash Management Bank. Incorporated herein by reference from Exhibit </font><br> <font size=2>10.24 to the registrant&#146;s Annual Report on Form 10-K for the year ended December 31, </font><br> <font size=2>2003, filed on March 2, 2004</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.28</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Manager&#146;s Consent and Subordination of Management Agreement dated February 13, </font><br> <font size=2>2004 by 731 Office One LLC and Alexander&#146;s Management LLC and German American </font><br> <font size=2>Capital Corporation. Incorporated herein by reference from Exhibit 10.25 to the </font><br> <font size=2>registrant&#146;s Annual Report on Form 10-K for the year ended December 31, 2003, filed on </font><br> <font size=2>March 2, 2004</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.29</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Note Exchange Agreement dated as of February 13, 2004 by and between 731 Office One</font><br> <font size=2>LLC and German American Capital Corporation. Incorporated herein by reference from </font><br> <font size=2>Exhibit 10.26 to the registrant&#146;s Annual Report on Form 10-K for the year ended </font><br> <font size=2>December 31, 2003, filed on March 2, 2004</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.30</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Promissory Note A-1 dated as of February 13, 2004 and 731 Office One LLC in favor of </font><br> <font size=2>German American Capital Corporation. Incorporated herein by reference from Exhibit </font><br> <font size=2>10.27 to the registrant&#146;s Annual Report on Form 10-K for the year ended December 31,</font><br> <font size=2> 2003, filed on March 2, 2004</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.31</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Promissory Note A-2 dated as of February 13, 2004 and 731 Office One LLC in favor of </font><br> <font size=2>German American Capital Corporation. Incorporated herein by reference from Exhibit </font><br> <font size=2>10.28 to the registrant&#146;s Annual Report on Form 10-K for the year ended December 31, </font><br> <font size=2>2003, filed on March 2, 2004</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'><p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p></td>
    </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><br> <font size=2>*</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>___________________</font><br> <font size=2>Incorporated by reference.</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;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;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>25</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

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


<div align=center>

<table width="90%" border="0" cellpadding=0 cellspacing=0 style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.32</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Promissory Note A-3 dated as of February 13, 2004 and 731 Office One LLC in favor of </font><br> <font size=2>German American Capital Corporation. Incorporated herein by reference from Exhibit </font><br> <font size=2>10.29 to the registrant&#146;s Annual Report on Form 10-K for the year ended December 31, </font><br> <font size=2>2003, filed on March 2, 2004</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <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 nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.33</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Promissory Note A-4 dated as of February 13, 2004, and 731 Office One LLC in favor of</font><br> <font size=2>German American Capital Corporation. Incorporated herein by reference from Exhibit </font><br> <font size=2>10.30 to the registrant&#146;s Annual Report on Form 10-K for the year ended December 31, </font><br> <font size=2>2003, filed on March 2, 2004</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <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 nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.34</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Promissory Note A-X dated as of February 13, 2004, and 731 Office One LLC in favor of</font><br> <font size=2>German American Capital Corporation. Incorporated herein by reference from Exhibit </font><br> <font size=2>10.31 to the registrant&#146;s Annual Report on Form 10-K for the year ended December 31, </font><br> <font size=2>2003, filed on March 2, 2004</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <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 nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.35</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Promissory Note B dated as of February 13, 2004, and 731 Office One LLC in favor of </font><br> <font size=2>German American Capital Corporation. Incorporated herein by reference from Exhibit </font><br> <font size=2>10.32 to the registrant&#146;s Annual Report on Form 10-K for the year ended December 31, </font><br> <font size=2>2003, filed on March 2, 2004</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <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 nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.36</font>                     </p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Guaranty of Recourse Obligations dated as of February 13, 2004, by Alexander&#146;s, Inc. to </font><br> <font size=2>and for the benefit of German American Capital Corporation. Incorporated herein by </font><br> <font size=2>reference from Exhibit 10.33 to the registrant&#146;s Annual Report on Form 10-K for the year </font><br> <font size=2>ended December 31, 2003, filed on March 2, 2004</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <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 nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.37</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Environmental Indemnity dated as of February 13, 2004, by Alexander&#146;s, Inc. and </font><br> <font size=2>731&nbsp;Office One LLC for the benefit of German American Capital Corporation. </font><br> <font size=2>Incorporated herein by reference from Exhibit 10.34 to the registrant&#146;s Annual Report on</font><br> <font size=2>Form 10-K for the year ended December 31, 2003, filed on March 2, 2004</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <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 nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.38</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Loan Agreement dated as of July 6, 2005, between 731 Retail One LLC, as Borrower and Archon<br>
      Financial, as Lender.  Incorporated herein by reference from Exhibit 10.1 to the registrant&#146;s<br>
      Current Report on Form 8-K, filed on July 12, 2005</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <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 nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.39</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Form of Stock Option Agreement between the Company and certain employees.</font><br> <font size=2>Incorporated herein by reference from Exhibit 10.61 to the registrant&#146;s Quarterly Report </font><br> <font size=2>on Form 10-Q for the quarter ended September 30, 2005, filed on October 27, 2005</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.40</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Form of Restricted Stock Option Agreement between the Company and certain</font><br> <font size=2>employees.  Incorporated herein by reference from Exhibit 10.62 to the registrant&#146;s</font><br> <font size=2>Quarterly Report on Form 10-Q for the quarter ended September 30, 2005, filed on</font><br> <font size=2>October 27, 2005</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.41</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Stock Appreciation Right Agreement dated as of January 10, 2006, between Michael D. </font><br> <font size=2>Fascitelli and Alexander&#146;s Inc.  Incorporated herein by reference from Exhibit 10.1 to the </font><br> <font size=2>registrant&#146;s Current Report on Form 8-K for January 10, 2006, filed on January 12, 2006</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.42</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant&#146;s 2006 Omnibus Stock Plan dated April 4, 2006.  Incorporated herein by </font><br> <font size=2>reference from Annex B to Schedule 14A, filed by the registrant on April 28, 2006</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <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 nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><br> <font size=2>*</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>___________________</font><br> <font size=2>Incorporated by reference.</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;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;'>
</p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<!-- EEDocs PBEnd-->

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


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="93%" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.43</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Amendment to Real Estate Retention Agreement, dated as of  January 1, 2007, by and </font><br> <font size=2>between Alexander&#146;s, Inc. and Vornado Realty L.P.  Incorporated herein by reference</font><br> <font size=2>from Exhibit 10.64 to the registrant&#146;s Annual Report on Form 10-K for the year ended</font><br> <font size=2>December 31, 2006, filed on February 26, 2007</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.44</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Amendment to 59<sup>th</sup> Street Real Estate Retention agreement, dated as of January 1, 2007, </font><br> <font size=2>by and among Vornado Realty L.P., 731 Retail One LLC, 731 Restaurant LLC, 731</font><br> <font size=2>Office One LLC and 731 Office Two LLC.  Incorporated herein by reference</font><br> <font size=2>from Exhibit 10.65 to the registrant&#146;s Annual Report on Form 10-K for the year ended</font><br> <font size=2>December 31, 2006, filed on February 26, 2007</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>15.1</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Letter regarding unaudited interim financial information</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>31.1</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Rule 13a-14 (a) Certification of the Chief Executive Officer</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>31.2</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Rule 13a-14 (a) Certification of the Chief Financial Officer</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>32.1</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Section 1350 Certification of the Chief Executive Officer</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>32.2</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Section 1350 Certification of the Chief Financial Officer</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="13%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><br> <font size=2>*</font></p> </td>
        <td width="77%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>___________________</font><br> <font size=2>Incorporated by reference.</font></p> </td>
        <td width="5%" nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:4%;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>

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

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

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



</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15
<SEQUENCE>2
<FILENAME>ex151.htm
<DESCRIPTION>EXHIBIT 15.1
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>




<p style=' margin-bottom:12pt; margin-top:0pt;text-align:right;'><b><font size=2>Exhibit 15.1</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: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:justify;'><font size=2>June 30, 2007</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;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Alexander&#146;s, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Paramus, New Jersey</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;'><font size=2>We have reviewed, in accordance with the standards of the Public Company Accounting Oversight Board (United States), of the unaudited interim financial information of Alexander&#146;s, Inc. and subsidiaries for the six-month periods ended June 30, 2007 and 2006, as indicated in our report dated June 30, 2007; because we did not perform an audit, we expressed no opinion on that information.</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;'><font size=2>We are aware that our report referred to above, which is included in your Quarterly Report on Form 10-Q for the quarter ended June 30, 2007, is incorporated by reference in Amendment No.&nbsp;3 to Registration Statement No. 33-62779 on Form S-3.</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;'><font size=2>We also are aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act of 1933, is not considered a part of the Registration Statement prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of that Act.</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;'><font size=2>/s/ DELOITTE &amp; TOUCHE LLP</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Parsippany, New Jersey</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>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<!-- EEDocs PBEnd-->

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



</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>3
<FILENAME>ex311.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>




<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><B><font SIZE=2>EXHIBIT 31.1</font></B></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:center;'><B><font SIZE=2>CERTIFICATION</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:justify;'><font size=2>I, Steven Roth, certify that:</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='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 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:0in 0in 6.0pt 0in'>
            <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&nbsp;10-Q of Alexander&#146;s, Inc.;</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="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 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:0in 0in 6.0pt 0in'>
            <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 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 report;</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="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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:0in 0in 6.0pt 0in'>
            <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 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 report;</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="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 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 registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure control and procedures (as defined in Exchange&nbsp;Act Rules&nbsp;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 have:</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="72" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 0in 6.0pt 0in'>
            <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 report is being prepared;</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="72" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 0in 6.0pt 0in'>
            <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>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="72" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 0in 6.0pt 0in'>
            <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>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="72" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>d)</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 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 registrant&#146;s other certifying officer 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 the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="72" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="29" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 0in 6.0pt 0in'>
            <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>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="72" 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="29" 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;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 align=left>

<table border="0" cellspacing=0 cellpadding=0 width="271" style='margin-left:35.25pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="21" valign=bottom >
            <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="250" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>July 30, 2007</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="21" valign=bottom >
            <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="250" valign=bottom >
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><br> <font size=2>/s/ Steven Roth</font></p> </div> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="21" 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="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Steven Roth</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="21" 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="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Chief Executive Officer</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>
<!-- EEDocs PBStart-->
<!-- EEDocs PBEnd-->

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



</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>4
<FILENAME>ex312.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>




<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><B><font SIZE=2>EXHIBIT 31.2</font></B></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:center;'><B><font SIZE=2>CERTIFICATION </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:justify;'><font size=2>I, Joseph Macnow, certify that:</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='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 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:0in 0in 6.0pt 0in'>
            <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 Alexander&#146;s, Inc.;</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="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 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:0in 0in 6.0pt 0in'>
            <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 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 report;</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="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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:0in 0in 6.0pt 0in'>
            <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 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 report;</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="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 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 registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure control and procedures (as defined in Exchange&nbsp;Act Rules&nbsp;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 have:</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="72" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 0in 6.0pt 0in'>
            <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 report is being prepared;</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="72" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 0in 6.0pt 0in'>
            <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>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="72" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 0in 6.0pt 0in'>
            <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>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="72" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>d)</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 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 registrant&#146;s other certifying officer 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 the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="72" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <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 style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;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>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" 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:0.75in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="313" style='margin-left:35.25pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="21" valign=bottom >
            <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="292" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>July 30, 2007</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="21" valign=bottom >
            <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="292" valign=bottom >
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><br> <font size=2>/s/ Joseph Macnow</font></p> </div> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="21" 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="292" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Joseph Macnow</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="21" 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="292" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Chief Financial Officer</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>
<!-- EEDocs PBStart-->
<!-- EEDocs PBEnd-->

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



</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>5
<FILENAME>ex321.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>




<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><B><font SIZE=2>EXHIBIT 32.1</font></B></p>

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

<p style=' margin-bottom:18pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CERTIFICATION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(Subsection (a) and (b) of Section 1350 of Chapter 63 of Title 18 of the United States Code)</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-indent:0.03in;text-align:justify;'><font size=2>Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350 of Chapter 63 of Title 18 of the United States Code), the undersigned officer of Alexander&#146;s, Inc. (the &#147;Company&#148;), hereby certifies, to such officer&#146;s knowledge, that</font><font size=2>:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.03in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.03in;text-align:justify;'><font size=2>The Quarterly Report on Form 10-Q for quarter ended June 30, 2007</font><i><font size=2> </font></i><font size=2>(the &#147;Report&#148;) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</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="531" style='margin-left:35.25pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="213" valign=bottom >
            <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="14" valign=bottom >
            <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 colspan="3" valign=bottom >
            <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="213" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><br> <font size=2>July 30, 2007</font></p> </td>
        <td colspan="2" valign=bottom >
            <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="48" valign=bottom >
            <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="250" valign=bottom >
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><br> <font size=2>/s/ Steven Roth</font></p> </div> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="213" 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 colspan="2" 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="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Name:</font></p> </td>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Steven Roth</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="213" 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 colspan="2" 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="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Title:</font></p> </td>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Chief Executive Officer</font></p> </td> </tr>
    <tr>
        <td width="213" ></td>

        <td width="14" ></td>

        <td width="7" ></td>

        <td width="48" ></td>

        <td width="250" ></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>
<!-- EEDocs PBStart-->
<!-- EEDocs PBEnd-->

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



</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>6
<FILENAME>ex322.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>




<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><B><font SIZE=2>EXHIBIT 32.2</font></B></p>

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

<p style=' margin-bottom:18pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CERTIFICATION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(Subsection (a) and (b) of Section 1350 of Chapter 63 of Title 18 of the United States Code)</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-indent:0.03in;text-align:justify;'><font size=2>Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350 of Chapter 63 of Title 18 of the United States Code), the undersigned officer of Alexander&#146;s, Inc. (the &#147;Company&#148;), hereby certifies, to such officer&#146;s knowledge, that</font><font size=2>:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.03in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.03in;text-align:justify;'><font size=2>The Quarterly Report on Form 10-Q for quarter ended June 30, 2007</font><i><font size=2> </font></i><font size=2>(the &#147;Report&#148;) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</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;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="531" style='margin-left:35.25pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="213" valign=bottom >
            <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="14" valign=bottom >
            <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 colspan="3" valign=bottom >
            <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="213" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><br> <font size=2>July 30, 2007</font></p> </td>
        <td colspan="2" valign=bottom >
            <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="48" valign=bottom >
            <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="250" valign=bottom >
            <div style='border-bottom:solid black 1.0pt; padding:0in 0in 1.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><br> <font size=2>/s/ Joseph Macnow</font></p> </div> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="213" 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 colspan="2" 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="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Name:</font></p> </td>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Joseph Macnow</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="213" 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 colspan="2" 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="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Title:</font></p> </td>
        <td width="250" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>Chief Financial Officer</font></p> </td> </tr>
    <tr>
        <td width="213" ></td>

        <td width="14" ></td>

        <td width="7" ></td>

        <td width="48" ></td>

        <td width="250" ></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>
<!-- EEDocs PBStart-->
<!-- EEDocs PBEnd-->

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



</BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
