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<SEC-DOCUMENT>0000003499-09-000009.txt : 20090803
<SEC-HEADER>0000003499-09-000009.hdr.sgml : 20090801
<ACCEPTANCE-DATETIME>20090803082119
ACCESSION NUMBER:		0000003499-09-000009
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20090630
FILED AS OF DATE:		20090803
DATE AS OF CHANGE:		20090803

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:		09978809

	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>alx.htm
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<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=2>&nbsp;</font></p>


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<table width="100%" border="0" cellpadding=0 cellspacing=0 style='border-collapse:collapse'>
    <tr style=' height:13.9pt'>
        <td 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 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="408" style='border-collapse:collapse; '>
    <tr >
        <td width="192" 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="216" 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, 2009</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>


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<table width="100%" border="0" cellpadding=0 cellspacing=0 style='border-collapse:collapse'>
    <tr >
        <td 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 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 width="100%" border="0" cellpadding=0 cellspacing=0 style='border-collapse:collapse'>
    <tr >
        <td width="25%" valign=top nowrap 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 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=2>&nbsp;</font></p> </td>
        <td width="10%" 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 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=2>&nbsp;</font></p> </td> </tr></table>
</div>

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


<div align=left>

<table width="100%" border="0" cellpadding=0 cellspacing=0 style='border-collapse:collapse'>
    <tr >
        <td width="35%" 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 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 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=2>&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=4>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>


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<table width="686" border="0" align="center" cellpadding=0 cellspacing=0 style='border-collapse:collapse'>
    <tr >
        <td width="329" 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="41" 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=2>&nbsp;</font></p> </td>
        <td width="316" 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="329" 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="41" 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>&nbsp;</font></p> </td>
        <td width="316" 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="329" 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>&nbsp;</font></p> </td>
        <td width="41" 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>&nbsp;</font></p> </td>
        <td width="316" 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>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="329" 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="41" 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=2>&nbsp;</font></p> </td>
        <td width="316" 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="329" 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="41" 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>&nbsp;</font></p> </td>
        <td width="316" 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:0.38in;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.&nbsp;&nbsp;</font><font face=Wingdings>x</font><font size=2> Yes &nbsp;</font><font face=Wingdings>o</font><font size=2> No</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>Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section&nbsp; 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).&nbsp;&nbsp;</font><font face=Wingdings>o</font><font size=2> Yes &nbsp;</font><font face=Wingdings>o</font><font size=2> No</font></p>

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

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><font size=2>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act.</font></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="640" style='margin-left:5.4pt;border-collapse:collapse'>
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        <td width="393" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:8.0pt;text-indent:-5.4pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font><font size=2> Large Accelerated Filer</font></p> </td>
        <td width="20" 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>&nbsp;</font></p> </td>
        <td width="227" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:2.5pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>x</font><font size=2> Accelerated Filer</font></p> </td> </tr>
    <tr >
        <td width="393" valign=top >
            <p style='margin-left:8.0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font><font size=2> Non-Accelerated Filer (Do not check if smaller reporting company)</font></p> </td>
        <td width="20" 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>&nbsp;</font></p> </td>
        <td width="227" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:2.5pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font><font size=2> Smaller Reporting Company</font></p>
<p style='margin-left:2.5pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><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><font face=Wingdings>o</font><font size=2> Yes&nbsp; </font><font face=Wingdings>x</font><font size=2> No</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>As of June 30, 2009, there were 5,105,936 shares of common stock, par value $1 per share, outstanding.</font></p>

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<p>&nbsp;</p> </div> </div> <br>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><a name="PAGENUM"><font size=2>1</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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


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        <td 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>&nbsp;</font></p> </td>
        <td 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>&nbsp;</font></p> </td>
        <td 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'><u><font size=2>Page Number</font></u><u></u></p> </td> </tr>
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        <td 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>&nbsp;</font></p> </td>
        <td 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>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td> </tr>
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      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><b><font size=2>PART I.</font></b></p> </td>
        <td 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'><u><b><font size=2>Financial Information</font></b></u><u></u></p> </td>
        <td 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>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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>&nbsp;</font></p> </td>
        <td 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>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td> </tr>
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        <td 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 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 valign=bottom 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>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td valign=bottom 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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>&nbsp;</font></p> </td>
        <td 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  <br>
        June 30, 2009 and December 31, 2008</font></p> </td>
        <td rowspan=2 valign=bottom 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 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>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td valign=bottom 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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>&nbsp;</font></p> </td>
        <td rowspan=2 valign=top style='background:#cceeff; padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:17.9pt;text-indent:-9.25pt;text-align:left;margin-top:0in;margin-bottom:0.5pt'><font size=2>Consolidated Statement of Operations (unaudited) for the  <br>
        Three and Six Months Ended June 30, 2009 and 2008</font></p> </td>
        <td rowspan=2 valign=bottom 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 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>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td valign=bottom 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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>&nbsp;</font></p> </td>
        <td 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 Changes in Equity (unaudited) for the  <br>
        Six Months Ended June 30, 2009 and 2008</font></p> </td>
        <td rowspan=2 valign=bottom 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 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>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td valign=bottom 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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>&nbsp;</font></p> </td>
        <td 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 <br>
        Six Months Ended June 30, 2009 and 2008</font></p> </td>
        <td rowspan=2 valign=bottom 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 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>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td valign=bottom 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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>&nbsp;</font></p> </td>
        <td 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 valign=bottom 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>7</font></p> </td> </tr>
    <tr >
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td valign=bottom 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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>&nbsp;</font></p> </td>
        <td 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 valign=bottom 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 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td valign=bottom 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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 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 Financial Condition and Results of Operations</font></p> </td>
        <td valign=bottom 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>14</font></p> </td> </tr>

    <tr >
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td valign=bottom 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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 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 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 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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 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 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 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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 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'><u><b><font size=2>Other Information</font></b></u><u></u></p> </td>
        <td 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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 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 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>
    <tr >
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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 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 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>
    <tr >
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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 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 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>
    <tr >
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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 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 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>
    <tr >
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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 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 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>
    <tr >
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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 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 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>24</font></p> </td> </tr>
    <tr >
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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 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 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>24</font></p> </td> </tr>
    <tr >
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&nbsp;</font></p> </td>
        <td 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=2>&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 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>25</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=2>&nbsp;</font></p> </td>
        <td 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=2>&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 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>26</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>

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

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

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

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

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

<div title="EE+ Page Break" style="PAGE-BREAK-AFTER: always">

<hr noshade align="center" width="100%" size="2">
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="184" style='border-collapse:collapse'>
    <tr >
        <td width="48" 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="136" 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:0.19in;text-align:center;'><b><font size=2>ALEXANDER&#146;S, INC. AND SUBSIDIARIES</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.19in;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>

<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 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 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 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>2009</font></b></p> </div> </td>
        <td width="3%" 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=2>&nbsp;&nbsp;&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>2008</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=2>&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=2>&nbsp;</font></p> </td>
        <td width="2%" 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=2>&nbsp;</font></p> </td>
        <td width="10%" 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=2>&nbsp;</font></p> </td>
        <td width="3%" 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=2>&nbsp;</font></p> </td>
        <td width="2%" 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=2>&nbsp;</font></p> </td>
        <td width="10%" 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=2>&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=2>&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=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="10%" 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="3%" 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="10%" 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 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 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=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:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="10%" valign=bottom style='background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>74,974</font></p> </td>
        <td width="3%" valign=bottom style='background:#cceeff'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="10%" 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>74,974</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>&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=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>818,691</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>598,114</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>&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=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:1.0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" valign=bottom style='border-bottom: solid black 1.0pt; background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>109,079</font></p> </td>
        <td width="3%" 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>&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:1.0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" valign=bottom style='border-bottom: solid black 1.0pt; background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>294,887</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>&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=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,002,744</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>967,975</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>&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=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:1.0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" valign=bottom style='border-bottom: solid black 1.0pt; background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(121,320</font></p> </td>
        <td width="3%" 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 width="2%" 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=2>&nbsp;</font></p> </td>
        <td width="10%" 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>(114,235</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=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>881,424</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>853,740</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>&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=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:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" 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>438,669</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" 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>515,940</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>&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=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>85,752</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,057</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>&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 $1,644 and $1,357, 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=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:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" 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>2,932</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" 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>6,580</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>&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=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>145,500</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>137,117</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=2>&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  <br>
      of $50,389 and $38,698, 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=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:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" 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>72,674</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" 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>61,525</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>&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 of accumulated amortization of $13,648 and $13,120, respectively</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>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,490</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12,910</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>&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=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:1.0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" valign=bottom style='border-bottom: solid black 1.0pt; background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>12,638</font></p> </td>
        <td width="3%" 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>&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:1.0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" valign=bottom style='border-bottom: solid black 1.0pt; background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>10,699</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>&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=2>&nbsp;</font></p> </td>
        <td width="2%" >
      <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%" 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>1,653,079</font></p> </td>
        <td width="3%" >
      <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%" >
      <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%" 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>1,603,568</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=2>&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>&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=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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 >
      <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="3%" valign=bottom >
      <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 >
      <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 >
      <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 valign=bottom >
      <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 valign=top >
      <p style='margin-left:20.0pt;text-indent:-15.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&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=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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 >
      <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="3%" valign=bottom >
      <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 >
      <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 >
      <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 valign=bottom >
      <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 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=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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 >
      <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="3%" valign=bottom >
      <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 >
      <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 >
      <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 valign=bottom >
      <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 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=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:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="10%" 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>1,249,079</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="10%" 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>1,221,255</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>&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=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>55,434</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>51,192</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>&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>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=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:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" 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>57,516</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" 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>44,086</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>&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>Liability for income taxes and other</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>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>50,079</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>48,826</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>&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 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:1.0pt;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:1.0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" valign=bottom style='border-bottom: solid black 1.0pt; background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="3%" 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>&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:1.0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" valign=bottom style='border-bottom: solid black 1.0pt; background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>57,458</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>&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=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,412,108</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <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'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,422,817</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>&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>&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=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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 >
      <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="3%" valign=bottom >
      <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 >
      <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 >
      <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 valign=bottom >
      <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 valign=top style='background:#cceeff'>
      <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 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" 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>&nbsp;</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" 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>&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=2>&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>&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=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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 >
      <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="3%" valign=bottom >
      <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 >
      <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 >
      <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 valign=bottom >
      <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 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=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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 >
      <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="3%" valign=bottom >
      <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 >
      <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 >
      <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 valign=bottom >
      <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 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 and outstanding, 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=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:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" 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 width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" 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=2>&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,  <br>
      5,173,450 shares; outstanding 5,105,936 shares and 5,091,590 shares, respectively</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>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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 >
      <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 width="3%" valign=bottom >
      <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 >
      <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 >
      <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=2>&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 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=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:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" 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>31,501</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" 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>30,647</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>&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 </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>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>202,790</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <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; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>143,731</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>&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>&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=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:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" 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>239,464</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" 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>179,551</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>&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 stock: 67,514 and 81,860 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=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(375</font></p> </td>
        <td width="3%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td width="2%" valign=bottom >
      <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; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(455</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:-5.0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Total Alexander&#146;s equity</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>&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:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" 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>239,089</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" 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>179,096</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>&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>Noncontrolling interest in consolidated subsidiary</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>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,882</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <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; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,655</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>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td valign=top style='background:#cceeff'>
      <p style='margin-left:15.0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><b><font size=2>Total 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=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:1.0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" valign=bottom style='border-bottom: solid black 1.0pt;background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>240,971</font></p> </td>
        <td width="3%" 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>&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:1.0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="10%" valign=bottom style='border-bottom: solid black 1.0pt;background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>180,751</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>&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=2>&nbsp;</font></p> </td>
        <td width="2%" >
      <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%" 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>1,653,079</font></p> </td>
        <td width="3%" >
      <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%" >
      <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%" 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>1,603,568</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=2>&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=2>&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=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
      <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 >
      <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="3%" valign=bottom >
      <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 >
      <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 >
      <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 valign=bottom >
  <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></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:0.75in; text-indent:-0.25in;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>

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

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

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

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

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

<div title="EE+ Page Break" style="PAGE-BREAK-AFTER: always">

<hr noshade align="center" width="100%" size="2">
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<b><font size=2>ALEXANDER&#146;S, INC. AND SUBSIDIARIES</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=2>&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 width="3%" 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 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=2>&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=2>&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 width="3%" 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;&nbsp;&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=2>&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=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>2009</font></b></p> </div> </td>
        <td width="3%" 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>2008</font></b></p> </div> </td>
        <td width="3%" 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>2009</font></b></p> </div> </td>
        <td width="3%" 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>2008</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=2>&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 width="2%" 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>&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;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" 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;line-height:89.64%'><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;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" 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;line-height:89.64%'><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;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" 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;line-height:89.64%'><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;line-height:89.64%'><font size=2>&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=2>&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 width="2%" 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>$</font></p> </td>
        <td width="8%" valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>37,878</font></p> </td>
        <td width="3%" valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff'><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>$</font></p></td>
        <td width="8%" valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0pt;text-indent:4.95pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>35,413</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>$</font></p></td>
        <td width="8%" valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>74,075</font></p> </td>
        <td width="3%" valign=bottom style='background:#cceeff'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff'><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>$</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;line-height:89.64%'><font size=2>71,446</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>&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:1.0pt;margin-bottom: 0in'><font size=2>Expense reimbursements</font></p> </td>
        <td width="2%" 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=2>&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;line-height:89.64%'><font size=2>16,997</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&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;line-height:89.64%'><font size=2>16,065</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&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;line-height:89.64%'><font size=2>33,890</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&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;line-height:89.64%'><font size=2>31,798</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>&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 width="2%" 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=2>&nbsp;</font></p> </td>
        <td width="8%" 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>54,875</font></p> </td>
        <td width="3%" 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>&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:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" 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>51,478</font></p> </td>
        <td width="3%" 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>&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:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" 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>107,965</font></p> </td>
        <td width="3%" 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>&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:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" 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>103,244</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>&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=2>&nbsp;</font></p> </td>
        <td width="2%" 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>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&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=2>&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'><b><font size=2>EXPENSES</font></b></p> </td>
        <td width="2%" 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>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&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=2>&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>Operating (including fees to Vornado of $1,288, $1,196, <br>
      $2,520 and $2,399, respectively)</font></p> </td>
        <td width="2%" 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>&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;line-height:89.64%'><font size=2>18,252</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&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;line-height:89.64%'><font size=2>17,371</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&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;line-height:89.64%'><font size=2>37,287</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&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;line-height:89.64%'><font size=2>35,038</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>&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>General and administrative (including a $21,950 reversal of<br>
      previously recognized stock appreciation rights  <br>
      (&#147;SARs&#148;) expense in the three months ended June 30,<br>
      2008, and reversals of $34,275 and $21,325 in each<br>
      six-month period, respectively, and management fees  <br>
      to Vornado of $540 and $1,080 in each three and<br>
      six-month period)</font></p> </td>
        <td width="2%" 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>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>1,186</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>(20,519</font></p> </td>
        <td width="3%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="2%" 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>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>(30,498</font></p> </td>
        <td width="3%" valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>)</font></p> </td>
        <td width="2%" 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>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>(18,673</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: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 width="2%" 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=2>&nbsp;</font></p> </td>
        <td width="8%" 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>6,841</font></p> </td>
        <td width="3%" 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>&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:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" 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>5,608</font></p> </td>
        <td width="3%" 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>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='border-bottom: solid black 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>&nbsp;</font></p> </td>
        <td width="8%" 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>12,558</font></p> </td>
        <td width="3%" 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>&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:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" 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>11,209</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>&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>Total expenses</font></p> </td>
        <td width="2%" 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=2>&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;line-height:89.64%'><font size=2>26,279</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&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;line-height:89.64%'><font size=2>2,460</font></p> </td>
        <td width="3%" valign=bottom >
      <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='border-bottom: solid black 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>&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;line-height:89.64%'><font size=2>19,347</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&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;line-height:89.64%'><font size=2>27,574</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>&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>&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:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&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;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&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;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&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;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&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;line-height:89.64%'><font size=2>&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=2>&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'><b><font size=2>OPERATING INCOME</font></b></p> </td>
        <td width="2%" 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>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>28,596</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>49,018</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>88,618</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>75,670</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>&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>&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:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&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;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&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;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&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;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&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;line-height:89.64%'><font size=2>&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=2>&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 width="2%" 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>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>668</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>5,607</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>1,632</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>10,023</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>&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>Interest and debt expense</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" 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>(15,950</font></p> </td>
        <td width="3%" 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 width="2%" 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=2>&nbsp;</font></p> </td>
        <td width="8%" 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>(15,562</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 width="2%" 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=2>&nbsp;</font></p> </td>
        <td width="8%" 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>(30,846</font></p> </td>
        <td width="3%" 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 width="2%" 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=2>&nbsp;</font></p> </td>
        <td width="8%" 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>(31,243</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:35.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Income before income taxes</font></p> </td>
        <td width="2%" 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>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>13,314</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>39,063</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>&nbsp;</font></p> </td>
        <td width="2%" 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>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>59,404</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>54,450</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>&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 width="2%" 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=2>&nbsp;</font></p> </td>
        <td width="8%" 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>(30</font></p> </td>
        <td width="3%" 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 width="2%" 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=2>&nbsp;</font></p> </td>
        <td width="8%" 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>(622</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 width="2%" 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=2>&nbsp;</font></p> </td>
        <td width="8%" 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>(118</font></p> </td>
        <td width="3%" 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 width="2%" 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=2>&nbsp;</font></p> </td>
        <td width="8%" 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>(1,124</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=2>Net income</font></p> </td>
        <td width="2%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,284</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>38,441</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>&nbsp;</font></p> </td>
        <td width="2%" 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>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>59,286</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;line-height:89.64%'><font size=2>53,326</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>&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 (income) loss attributable to the noncontrolling interest</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" 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>(279</font></p> </td>
        <td width="3%" 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 width="2%" valign=bottom style='background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;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:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13</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>&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:1.0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="8%" 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>(227</font></p> </td>
        <td width="3%" 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 width="2%" valign=bottom style='background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;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:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>280</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>&nbsp;</font></p> </td> </tr>
    <tr valign="middle" style='page-break-inside:avoid'>
        <td >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>Net income attributable to Alexander&#146;s</font></p> </td>
        <td width="2%" >
      <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="8%" 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>13,005</font></p> </td>
        <td width="3%" >
      <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%" >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" style='border-bottom: double black 2.25pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>38,454</font></p> </td>
        <td >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" ><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p></td>
        <td width="8%" 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>59,059</font></p> </td>
        <td width="3%" >
      <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%" ><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="8%" 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>53,606</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=2>&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>&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>&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>&nbsp;</font></p> </td>
        <td width="3%" 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>&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>&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=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:2pt;margin-bottom:0pt'><font size=2>&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>&nbsp;</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&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>&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=2>&nbsp;</font></p> </td> </tr>
    <tr valign="middle" style='page-break-inside:avoid'>
        <td >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>Net income per common share - basic</font></p> </td>
        <td width="2%" >
      <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="8%" 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>2.55</font></p> </td>
        <td width="3%" >
      <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%" >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" style='border-bottom: double black 2.25pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7.59</font></p> </td>
        <td >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" ><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p></td>
        <td width="8%" 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>11.58</font></p> </td>
        <td width="3%" >
      <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%" ><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="8%" 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>10.61</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=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td valign=top style='background:#cceeff'>
      <p style='margin-left:.25in;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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&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>&nbsp;</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&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>&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=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:2pt;margin-bottom:0pt'><font size=2>&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>&nbsp;</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&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>&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=2>&nbsp;</font></p> </td> </tr>
    <tr valign="middle" style='page-break-inside:avoid'>
        <td >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>Net income per common share - diluted</font></p> </td>
        <td width="2%" >
      <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="8%" 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>2.55</font></p> </td>
        <td width="3%" >
      <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%" >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" style='border-bottom: double black 2.25pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>7.54</font></p> </td>
        <td >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" ><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p></td>
        <td width="8%" 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>11.57</font></p> </td>
        <td width="3%" >
      <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%" ><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="8%" 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>10.52</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=2>&nbsp;</font></p> </td> </tr></table>
</div>

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

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

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

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

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

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

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

<div align=center>

<table width="100%" border="0" cellpadding=0 cellspacing=0 style='margin-left:0pt;border-collapse:collapse'>
    <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>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Common </font></b><br> <b><font size=2>Stock</font></b></p> </td>
        <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>&nbsp;&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=2>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Additional</font></b><br> <b><font size=2>Capital</font></b></p> </td>
        <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>&nbsp;&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Retained <br>
            Earnings</font></b></p> </td>
        <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>&nbsp;&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=2>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.0pt; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Treasury <br>
      Stock</font></b></p> </td>
        <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>&nbsp;&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Alexander&#146;s</font></b><br> <b><font size=2>Equity</font></b></p> </td>
        <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>&nbsp;&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Noncontrolling</font></b><br> <b><font size=2>Interest</font></b></p> </td>
        <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>&nbsp;&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Total </font></b><br> <b><font size=2>Equity</font></b></p> </td>
        <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>&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'><b><font size=2>Balance, December 31, 2007</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=2>&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>$</font></p> </td>
        <td valign=bottom style='border-top:solid black 1.0pt; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,173</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</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>27,636</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>&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>$</font></p> </td>
        <td valign=bottom style='border-top:solid black 1.0pt; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>103,014</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</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>(720</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=2>$</font></p> </td>
        <td valign=bottom style='border-top:solid black 1.0pt; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>135,103</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td valign=top style='border-top:solid black 1.0pt; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,323</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>&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>$</font></p> </td>
        <td valign=bottom style='border-top:solid black 1.0pt; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>137,426</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>&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 income (loss)</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>&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>&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=2>&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>&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=2>&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>&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>53,606</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>&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>&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=2>&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>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>53,606</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>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#cceeff; '>
      <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 valign=top style='background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(280</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:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&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>53,326</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>&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=2>Distributions</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>&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>&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=2>&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>&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=2>&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>&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=2>&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>&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=2>&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>&nbsp;</font></p> </td>
        <td valign=bottom >
      <p style='margin-left:0in;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=2>&nbsp;</font></p> </td>
        <td valign=bottom >
      <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 valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(675</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:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&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>(675</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:8.15pt;text-indent:-8.15pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Common shares issued under option plan</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>&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=2>&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=2>&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=2>&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>1,490</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>&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=2>&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=2>&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=2>&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>127</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>&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=2>&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>1,617</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>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>&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=2>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>&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>1,617</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>&nbsp;</font></p> </td> </tr>
    <tr valign="middle" style='page-break-inside:avoid'>
        <td >
      <p style='margin-left:8.15pt;text-indent:-8.15pt;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><b><font size=2>Balance, June 30, 2008</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=2>&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>5,173</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=2>&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>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>29,126</font></p> </td>
        <td >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</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>156,620</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=2>&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>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(593</font></p> </td>
        <td >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</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>190,326</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=2>&nbsp;</font></p> </td>
        <td >
      <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,368</font></p> </td>
        <td >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</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>191,694</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=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:8.15pt;text-indent:-8.15pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&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=2>&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>&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>&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=2>&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>&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>&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=2>&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>&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>&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=2>&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>&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>&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=2>&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>&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>&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=2>&nbsp;</font></p> </td>
        <td valign=bottom >
      <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 valign=bottom >
      <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 valign=bottom >
      <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 valign=bottom >
      <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 valign=bottom >
      <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 valign=bottom >
      <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 valign=top >
      <p style='margin-left:8.15pt;text-indent:-8.15pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&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=2>&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>&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>&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=2>&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>&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>&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=2>&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>&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>&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=2>&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>&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>&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=2>&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>&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>&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=2>&nbsp;</font></p> </td>
        <td valign=bottom >
      <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 valign=bottom >
      <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 valign=bottom >
      <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 valign=bottom >
      <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 valign=bottom >
      <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 valign=bottom >
      <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 valign=top style='background:#cceeff'>
      <p style='margin-left:8.15pt;text-indent:-8.15pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2>Balance, December 31, 2008</font></b></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>&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>$</font></p> </td>
        <td valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>5,173</font></p> </td>
        <td valign=bottom style='background:#cceeff'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</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>30,647</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>&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>$</font></p> </td>
        <td valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>143,731</font></p> </td>
        <td valign=bottom style='background:#cceeff'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</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>(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=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>$</font></p> </td>
        <td valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>179,096</font></p> </td>
        <td valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td valign=top style='background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,655</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>&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>180,751</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>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:8.15pt;text-indent:-8.15pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>Net income</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>&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>&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=2>&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>&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=2>&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>&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>59,059</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>&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>&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=2>&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>&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>59,059</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>&nbsp;</font></p> </td>
        <td valign=bottom >
      <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 valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>227</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>&nbsp;</font></p> </td>
        <td valign=bottom >
      <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 valign=bottom >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>59,286</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>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td valign=top style='background:#cceeff'>
      <p style='margin-left:8.15pt;text-indent:-8.15pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Common shares issued under option plan</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>&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=2>&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=2>&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=2>&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>854</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>&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=2>&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=2>&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=2>&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</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>&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=2>&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>934</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>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0.5pt'><font size=2>&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=2>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>&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>934</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>&nbsp;</font></p> </td> </tr>
    <tr valign="middle" style='page-break-inside:avoid'>
        <td >
      <p style='margin-left:9.4pt;text-indent:-8.1pt;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><b><font size=2>Balance, June 30, 2009</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=2>&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>5,173</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=2>&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>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>31,501</font></p> </td>
        <td >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</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>202,790</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=2>&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>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>(375</font></p> </td>
        <td >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>)</font></p> </td>
        <td >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</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>239,089</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=2>&nbsp;</font></p> </td>
        <td >
      <p style='margin-left:0in;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>$</font></p> </td>
        <td style='border-bottom:double black 2.25pt; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,882</font></p> </td>
        <td >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</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>240,971</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=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td valign=top >
      <p style='margin-left:18.15pt;text-indent:-8.15pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&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=2>&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>&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>&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=2>&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>&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>&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=2>&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>&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>&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=2>&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>&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>&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=2>&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>&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>&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=2>&nbsp;</font></p> </td>
        <td valign=bottom >
      <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 valign=top >
      <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 valign=top >
      <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 valign=bottom >
      <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 valign=bottom >
      <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 valign=bottom >
  <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></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:left;'><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:center;'><font size=2>&nbsp;</font></p>

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

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

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

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

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

<div title="EE+ Page Break" style="PAGE-BREAK-AFTER: always">

<hr noshade align="center" width="100%" size="2">
</div>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>ALEXANDER&#146;S, INC. AND SUBSIDIARIES </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=2>&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=2>&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=2>&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=2>&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=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>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=2>&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=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>2009</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=2>&nbsp;</font>&nbsp;&nbsp;</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>2008</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=2>&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>&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=2>&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=2>&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>&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=2>&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>&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>&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=2>&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=2>&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>$</font></p> </td>
        <td valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>59,286</font></p> </td>
        <td valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</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>53,326</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>&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 provided by operating activities:</font></p> </td>
        <td valign=top >
      <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top >
      <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top >
      <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top >
      <p style='margin-left:.25in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>&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>&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>&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=2>&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=2>&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>&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>(34,275</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=2>&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>(21,325</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:35.55pt;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=2>&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>&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>14,019</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>&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>&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>12,533</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>&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=2>&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>&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>(8,383</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=2>&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>(5,586</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 non-cash adjustments</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>&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>&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>1,884</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>&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>&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>(1,872</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:.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 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 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>&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>&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=2>&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>&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>&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=2>&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 receivable, 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=2>&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>&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>3,648</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>&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>&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>2,831</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>&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>Other assets</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>&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>&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>(2,992</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=2>&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>(1,540</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>Payment for stock appreciation rights</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>&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>&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>(22,838</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=2>&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=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td valign=top style='background:#cceeff; '>
      <p style='margin-left:.25in;text-indent:0pt;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>FIN 48 income tax liability</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>&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>&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>1,308</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>&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>&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>1,277</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>&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=2>&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>&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>653</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>&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>&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>(1,950</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=2>&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>&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>137</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>&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>&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>1,815</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>&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:1.0pt;margin-bottom: 0in'><font size=2>Other liabilities</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>&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=2>&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>(55)</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>&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=2>&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>(24</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:.25in;text-indent: -.25in;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Net cash provided by operating 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=2>&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=2>&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>12,392</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>&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=2>&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>39,485</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>&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>&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=2>&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>&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>&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=2>&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>&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>&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=2>&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=2>&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>&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>&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=2>&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>&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>&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=2>&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>Restricted cash</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>&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>&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>(80,695</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=2>&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>(472</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>Construction in progress and real estate additions</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>&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>&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>(37,585</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=2>&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>(61,654</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 real estate tax abatement certificates</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>&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=2>&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=2>&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=2>&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>2,986</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>&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 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=2>&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=2>&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>(118,280</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=2>&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>(59,140</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:.5in;text-indent: -.25in;text-align:justify;margin-top:2pt;margin-bottom:0pt'><font size=2>&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=2>&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>&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>&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=2>&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>&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>&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=2>&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>&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=2>&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>&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>&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=2>&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>&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>&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=2>&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=2>&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>&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>&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=2>&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>&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>&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=2>&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>Proceeds from 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=2>&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>&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>113,605</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>&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>&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>55,831</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>&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>Exercise of stock options</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>&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>&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>934</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>&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>&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>1,617</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>&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>Debt repayments</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>&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>&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>(85,781</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=2>&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>(7,313</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>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=2>&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>&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>(141</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=2>&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=2>&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:1.0pt;margin-bottom: 0in'><font size=2>Distributions to the noncontrolling interest</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>&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=2>&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=2>&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=2>&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>(675</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:1.0pt;margin-bottom: 0in'><font size=2>Net cash provided by financing 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=2>&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=2>&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>28,617</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>&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=2>&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>49,460</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>&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>&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=2>&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>&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>&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=2>&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>&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>&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=2>&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=2>Net (decrease) increase in cash and cash equivalents</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>&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>&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>(77,271</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=2>&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>29,805</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>&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>Cash and cash equivalents at beginning of period</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>&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=2>&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>515,940</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>&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=2>&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>560,231</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>&nbsp;</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'><font size=2>Cash and cash equivalents at end of period</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=2>&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>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>438,669</font></p> </td>
        <td >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</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>590,036</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=2>&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>&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=2>&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>&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>&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=2>&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>&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>&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=2>&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=2>&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>&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>&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=2>&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>&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>&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=2>&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 $2,763 and $4,877 have been capitalized)</font></p> </td>
        <td style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td style='background:#cceeff; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</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>29,610</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=2>&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>$</font></p> </td>
        <td style='border-bottom: double black 2.25pt;background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>33,721</font></p> </td>
        <td style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr valign="middle" style='page-break-inside:avoid'>
        <td >
      <p style='margin-left:34.3pt;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>Cash payments for income taxes</font></p> </td>
        <td >
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td >
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</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>107</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=2>&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>1,820</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=2>&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>

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

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

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

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

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

<div title="EE+ Page Break" style="PAGE-BREAK-AFTER: always">

<hr noshade align="center" width="100%" size="2">
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<b><font size=2>ALEXANDER&#146;S, INC. AND SUBSIDIARIES </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:0.02in;text-align:justify;'><font size=2>&nbsp;</font></p>
&nbsp;


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="141" style='border-collapse:collapse; '>
    <tr >
        <td width="48" 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="93" 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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Alexander&#146;s, Inc. (NYSE: ALX) 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;) (NYSE: VNO).</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="184" style='border-collapse:collapse'>
    <tr >
        <td width="48" 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="136" 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:0.28in;text-align:justify;'><font size=2>The accompanying consolidated financial statements 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 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, 2008, filed with the Securities and Exchange Commission. The results of operations for the three and six months ended June 30, 2009 are
not necessarily indicative of the operating results for the full year.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>The accompanying consolidated financial statements include our accounts and those 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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Certain prior year balances have been reclassified in order to conform to current year presentation as a result of the adoption of Financial Accounting Standards Board (&#147;FASB&#148;) Statement No. 160</font><i><font size=2>, Noncontrolling Interests in Consolidated Financial Statements &#150; An Amendment of ARB No. 51</font></i><font size=2> (&#147;SFAS 160&#148;).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>3.</font></b></p> </td>
        <td width="235" 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:0.28in;text-align:justify;'><font size=2>In December 2007, the FASB issued Statement No. 141R, </font><i><font size=2>Business Combinations </font></i><font size=2>(&#147;SFAS 141R&#148;).  SFAS 141R broadens the guidance of SFAS 141, extending its applicability to all transactions and other events in which one entity obtains control over one or more other businesses. It also broadens the fair value measurement and recognition of assets acquired, liabilities assumed, and interests transferred as a result of business combinations; and acquisition related costs will generally be expensed rather than included as part of the basis of the acquisition.  SFAS 141R expands required disclosures to improve the ability to evaluate the nature and financial effects of business combinations. SFAS 141R became effective for all transactions entered into, on or after January 1, 2009.  The adoption of SFAS 141R on January 1, 2009, did not have
any effect on our consolidated financial statements.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>In December 2007, the FASB issued SFAS 160.  SFAS 160 requires a noncontrolling interest in a subsidiary to be reported as equity and the amount of consolidated net income specifically attributable to the noncontrolling interest to be identified in the consolidated financial statements.  SFAS 160 also calls for consistency in the manner of reporting changes in the parent&#146;s ownership interest and requires fair value measurement of any noncontrolling equity investment retained in a deconsolidation. SFAS 160 became effective on January 1, 2009.  The adoption of SFAS 160 on January 1, 2009, resulted in (i) the reclassification of our minority interest in consolidated subsidiary to &#147;noncontrolling interest in consolidated subsidiary,&#148; a component of permanent equity on our consolidated balance sheets, and (ii) the reclassification of minority interest expense to &#147;net
income attributable to the noncontrolling interest&#148; on our consolidated statements of operations.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

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

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>3.</font></b></p> </td>
        <td width="300" 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>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>On May 28, 2009, the FASB issued Statement No. 165, </font><i><font size=2>Subsequent Events</font></i><font size=2> (&#147;SFAS 165&#148;).&nbsp; Although SFAS 165 does not significantly change current practice surrounding the disclosure of subsequent events, it provides guidance on management&#146;s assessment of subsequent events and the requirement to disclose the date through which subsequent events have been evaluated.&nbsp; SFAS 165 became effective on June 30, 2009.&nbsp; We have evaluated subsequent events through August 2, 2009 for this quarterly report on Form 10-Q for the quarter ended June 30, 2009.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>On June 12, 2009, the FASB issued Statement No. 167, </font><i><font size=2>Amendments to FASB Interpretation No. 46(R)</font></i><font size=2> (&#147;SFAS 167&#148;).&nbsp; SFAS 167 modifies the existing quantitative guidance used in determining the primary beneficiary of a variable interest entity (&#147;VIE&#148;) by requiring entities</font><b><font size=2> </font></b><font size=2>to qualitatively assess whether an enterprise is a primary beneficiary, based on whether the entity has (i) power over the significant activities of the VIE, and (ii) an obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE.&nbsp; SFAS 167 becomes effective for all new and existing VIEs on January 1, 2010.&nbsp; The adoption of SFAS 167 will not have a material affect on our consolidated financial statements.&nbsp; </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>On June 29, 2009, the FASB issued Statement No. 168, </font><i><font size=2>The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles &#150; A Replacement of FASB Statement No. 162</font></i><font size=2> (&#147;SFAS 168&#148;).  SFAS 168 establishes the FASB Accounting Standards Codification (the &#147;Codification&#148;) as the primary source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities.  Rules and interpretive releases of the SEC are also sources of authoritative GAAP for SEC registrants.  SFAS 168 and the Codification become effective on September 30, 2009.  When effective, the Codification will supersede all existing non-SEC accounting and reporting standards and the FASB will not issue new standards in the form of Statements, FASB Staff Positions, or Emerging Issues Task Force Abstracts.
Instead, the FASB will issue Accounting Standards Updates, which will serve only to: (a) update the Codification; (b) provide background information about the guidance; and (c) provide the basis for conclusions on the change(s) in the Codification.  The adoption of SFAS 168 and the Codification on September 30, 2009 will not have a material effect on our consolidated financial statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>
&nbsp;


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            <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="171" 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>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>At June 30, 2009, Vornado owned 32.4% of our outstanding common stock.  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-indent:0.28in;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>Management and Development Agreements</font></i></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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) $241,000, 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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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.  The development fee for the Rego Park II project (see Note 5) is estimated to be approximately $17,500,000, of which $2,996,000 has been paid as of June 30, 2009.  The balance is due on substantial completion of the construction.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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><font size=2> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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 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.  Vornado is also entitled to a commission upon the sale of any of our assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000 and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more.  The total of these amounts is payable in annual installments in an amount not to exceed $4,000,000, with interest on the unpaid balance at one-year LIBOR plus 1.0% (3.02% at June 30, 2009).</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><a name="PAGENUM"><font size=2>8</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:center;'>
<b><font size=2>ALEXANDER&#146;S, INC. AND SUBSIDIARIES</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-indent:0.25in;text-align:justify;'><font size=2>&nbsp;</font></p>
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        <td width="48" 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="236" 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>
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<p style=' margin-bottom:6pt; margin-top:0pt;text-align:justify;'><u><i><font size=2>Other Agreements </font></i></u><font size=2> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>The following is a summary of fees to Vornado that were incurred under the agreements discussed above.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>&nbsp;</font></p>


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      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&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=2>&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 width="3%" 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; '>
            <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=2>&nbsp;</font></p> </td> </tr>
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      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom: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=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>June 30,</font></b></p> </div> </td>
        <td width="3%" 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;&nbsp;&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=2>&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=2>&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=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>2009</font></b></p> </div> </td>
        <td width="3%" 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;&nbsp;&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>2008</font></b></p> </div> </td>
        <td width="3%" 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>2009</font></b></p> </div> </td>
        <td width="3%" 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;&nbsp;&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>2008</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=2>&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=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:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>750</font></p> </td>
        <td width="3%" valign=bottom style='background:#cceeff'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</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>750</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,500</font></p> </td>
        <td width="3%" valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</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>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=2>&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=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>916</font></p> </td>
        <td width="3%" 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>1,887</font></p> </td>
        <td width="3%" 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>2,149</font></p> </td>
        <td width="3%" 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>3,150</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=2>&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=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:2pt;margin-bottom:0pt'><font size=2>&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>13,805</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&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>471</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&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>14,289</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&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>1,104</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>&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,  <br>
      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=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>1,078</font></p> </td>
        <td width="3%" 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>986</font></p> </td>
        <td width="3%" 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>2,100</font></p> </td>
        <td width="3%" 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>1,979</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=2>&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=2>&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=2>&nbsp;</font></p> </td>
        <td width="2%" style='background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" style='border-bottom: double black 2.25pt;background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>16,549</font></p> </td>
        <td width="3%" style='background:#cceeff'>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" style='background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td 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>4,094</font></p> </td>
        <td width="3%" 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%" style='background:#cceeff; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" style='border-bottom: double black 2.25pt;background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>20,038</font></p> </td>
        <td width="3%" style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" style='background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td 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>7,733</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=2>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>At June 30, 2009, we owed Vornado $42,867,000 for leasing fees, $13,266,000 for the earned portion of the Rego II development fee discussed above, and $1,383,000 for management, property management and cleaning fees. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="187" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>5.</font></b></p> </td>
        <td width="139" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Rego Park II Project</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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. The development at Rego Park II consists
    of a 600,000 square foot shopping center on four levels and
    a parking deck containing approximately 1,400 spaces. Construction
    is expected to be substantially completed by the end of this
    year and estimated to cost approximately $410,000,000, of
    which $332,532,000 has been expended as of June 30, 2009.
    As of June 30, 2009, we have leased 138,000 square feet to
    Home Depot, 134,000 square feet to Century 21 department
    store, and 132,000 square feet to Kohl&#146;s, (collectively,
    the &#147;anchor tenants&#148;).  During the quarter ended
    June 30, 2009, we tendered  possession to our
    anchor tenants and and placed that portion of the asset
    into service; accordingly we transferred approximately $222,000,000
    from &#147;Construction
    in progress&#148; to &#147;Buildings, leaseholds and leasehold
    improvements.&#148; </font><font size=2>There can be no assurance
    that the balance of the 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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="195" style='border-collapse:collapse; '>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>6.</font></b></p> </td>
        <td width="147" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>731 Lexington Avenue</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>On March 25, 2009, Citibank N.A. completed the assignment of its lease aggregating 176,000 square feet to Bloomberg L.P., which now occupies all of the office space at this property.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="117" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>7.</font></b></p> </td>
        <td width="69" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Flushing</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.27in; text-indent:0.01in;text-align:justify;'><font size=2>In February 2009, we sub-leased the Flushing property to a developer for the remainder of our ground lease term.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

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

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

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

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

<div title="EE+ Page Break" style="PAGE-BREAK-AFTER: always">

<hr noshade align="center" width="100%" size="2">
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:center;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:center;'><b><font size=2>ALEXANDER&#146;S, INC. AND SUBSIDIARIES</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="93" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>8.</font></b></p> </td>
        <td width="45" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;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:0.28in;text-align:justify;'><font size=2>The following is a summary of our outstanding debt.</font></p>
<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 valign="bottom" style='page-break-inside:avoid;height:24.55pt'>
    <td width="39%" valign="top" style='background:white; height:24.55pt'><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%" 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>Maturity</font></b></p>
    </div></td>
    <td width="2%" style='background:white;height:24.55pt'><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%" style='background:white; height:24.55pt'><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>2009</font></b></p>
    </div></td>
    <td width="2%" style='background:white;height:24.55pt'><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" style='background:white; height:24.55pt'><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> 2009</font></b></p>
    </div></td>
    <td width="2%" style='background:white;height:24.55pt'><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" style='background:white; height:24.55pt'><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>2008</font></b></p>
    </div></td>
    <td width="2%" style='background:white; height:24.55pt'><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='background-color: #cceeff' >
    <td width="39%" valign=top style=' height:.2in'><p style='margin-left:20.0pt;text-indent:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>$350,000
          construction loan, secured by the <br>
      Rego Park II Shopping Center</font>  <b><font size=2><sup>(1)</sup></font></b></p></td>
    <td width="11%" valign=bottom style='  height:.2in'><p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>Dec.
          2010</font></p></td>
    <td width="2%" valign=bottom style='  height:.2in'><p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="16%" valign=bottom style='  height:.2in'><p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>1.52%</font></p></td>
    <td width="2%" valign=bottom style='  height:.2in'><p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p></td>
    <td width="2%" valign=bottom style='  height:.2in'><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$&nbsp;</font></p></td>
    <td width="9%" valign=bottom style='  height:.2in'><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>217,054</font></p></td>
    <td width="2%" valign=bottom style='  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='  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='  height:.2in'><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>181,695</font></p></td>
    <td width="2%" valign=bottom style=' 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   >
    <td width="39%" valign=top style=' height:12.6pt'><p style='margin-left:0pt;text-indent:2.25pt;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=' 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=' 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=' 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=' 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=' 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 0pt; 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=' 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=' 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 0pt; 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=' 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='background-color: #cceeff'>
    <td width="39%" valign=top style=' 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 <br>
      Regional Shopping Center</font></p></td>
    <td width="11%" valign=bottom style=' 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=' 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=' 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=' 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=' 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=' height:.2in'><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>197,422</font></p></td>
    <td width="2%" valign=bottom style=' 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=' 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=' height:.2in'><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>199,537</font></p></td>
    <td width="2%" valign=bottom style=' 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 >
    <td width="39%" valign=top  ><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 <br>
      Shopping Center</font></p></td>
    <td width="11%" valign=bottom  ><p style='margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt'><font size=2>Mar.
          2012</font></p></td>
    <td width="2%" valign=bottom  ><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  ><p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>0.75%</font></p></td>
    <td width="2%" valign=bottom  ><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  ><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  ><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>78,246</font></p></td>
    <td width="2%" valign=bottom  ><p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><b><font size=2><sup>(2)</sup></font></b></p></td>
    <td width="2%" valign=bottom  ><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  ><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>78,386</font></p></td>
    <td width="2%" valign=bottom  ><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='background-color: #cceeff'>
    <td width="39%" valign=top style=' 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 <br>
      at the Lexington Avenue property</font></p></td>
    <td width="11%" valign=bottom  ><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  ><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  ><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  ><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  >&nbsp;</td>
    <td width="9%" valign=bottom  ><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>368,357</font></p></td>
    <td width="2%" valign=bottom  ><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  >&nbsp;</td>
    <td width="10%" valign=bottom  ><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>373,637</font></p></td>
    <td width="2%" valign=bottom style=' 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   ><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 <br>
      at the Lexington Avenue property </font><b><font size=2><sup>(3)</sup></font></b></p></td>
    <td width="11%" valign=bottom   ><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   ><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='border-bottom: 1px solid black'><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='border-bottom: 1px solid black'><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   ><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 valign="middle"  style='background-color: #cceeff'>
    <td width="39%" style=' 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%" style='  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%" style='  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%" style='  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%" style='  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%" style='  height:12.6pt'><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p></td>
    <td width="9%" style='border-bottom: double black 2.25pt; height:12.6pt'><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,249,079</font></p></td>
    <td width="2%" style='  height:12.6pt'><p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p></td>
    <td width="2%" style='  height:12.6pt'><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p></td>
    <td width="10%" style='border-bottom: double black 2.25pt; height:12.6pt'><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,221,255</font></p></td>
    <td width="2%" style=' 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>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>_____________________________</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="24" valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p></td>
      <td  valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>
This loan bears interest at LIBOR plus 1.20%
      and has a one-year extension
      option.
 </font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;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="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>On March 10, 2009, we repaid the $78,246 outstanding balance of the Rego Park I mortgage loan which was scheduled to mature in June 2009 and simultaneously completed a refinancing in the same amount.  The new loan bears interest at 75 basis points, is secured by the property and is 100% cash collateralized.  The proceeds of the new loan were placed in a non-interest bearing restricted mortgage escrow account.  The loan is prepayable at any time without penalty.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
      <td width="24" valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(3)</font></p></td>
      <td  valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>In
            the event of a substantial casualty, as defined,
            up to $75,000 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;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>The fair value of our consolidated debt is calculated by discounting the 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.  As of June 30, 2009, and December 31, 2008, the estimated fair value of our consolidated debt was less then its carrying amount by approximately $175,813,000 and $118,485,000, respectively.  Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition of our financial instruments.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="227" style='border-collapse:collapse; '>
    <tr >
        <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>9.</font></b></p> </td>
        <td width="179" 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>FIN 48 Income Tax Liability</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>As of June 30, 2009 and December 31, 2008, we had $49,176,000 and $47,868,000, respectively, of unrecognized tax benefits that if recognized, would result in non-cash income and reduce our effective tax rate.  These amounts, which include $11,195,000 and $9,888,000 of accrued interest as of June 30, 2009 and December 31, 2008, respectively, are included as a component of &#147;liability for income taxes and other&#148; on our consolidated balance sheets.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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 statements of operations.  In the three months ended June 30, 2009 and 2008, we recognized $659,000 and $643,000, respectively, and in the six months ended June 30, 2009 and 2008, we recognized $1,308,000 and $1,277,000, respectively, of interest related to the unrecognized tax benefits.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>As of June 30, 2009, Taxable REIT Subsidiary (&#147;TRS&#148;) tax returns for the years 2003 through 2008 and REIT tax returns for the years 2006 through 2008 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=2>&nbsp;</font></p>

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

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

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

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:center;'><b><font size=2>ALEXANDER&#146;S, INC. AND SUBSIDIARIES</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-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>


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        <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>10.</font></b></p> </td>
        <td width="167" 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:0.28in;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.  On March 2, 2009, Steven Roth, the Chairman of our Board of Directors and Chief Executive Officer and Michael Fascitelli, our President, each exercised 150,000 SARs, which were scheduled to expire on March 4, 2009.  Mr. Roth and Mr. Fascitelli each received gross proceeds of $11,419,000.  As a result of the March 2, 2009 exercises, we reversed $34,275,000 of previously recognized SARs compensation expense in the six months ended June 30, 2009.  As of June 30, 2009, there are
no SARs outstanding.  In the three and six months ended June 30, 2008, we reversed $21,950,000 and $21,325,000, respectively, of previously recognized expense, based on our closing stock price of $310.60 at June 30, 2008, compared to $354.50 at March 31, 2008 and $353.25 at December 31, 2007.  </font></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>11.</font></b></p> </td>
        <td width="205" 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>
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<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:0.28in;text-align:justify;'><font size=2>We carry commercial liability with limits of $200,000,000 per location and all risk property insurance for (i)&nbsp;fire, (ii)&nbsp;flood, (iii)&nbsp;rental loss, (iv) extended coverage, and (v)&nbsp;&#147;acts of terrorism,&#148; as defined in the Terrorism Risk Insurance Program Reauthorization Act (&#147;TRIPRA&#148;) of 2007, with respect to our assets, with limits of $1.7 billion per occurrence for all of our 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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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 for the purposes of 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, 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:center;'><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>In July 2006, we discovered an oil spill at our Kings Plaza Regional Shopping Center.  We have notified the New York State Department of Environmental Conservation (&#147;NYSDEC&#148;) about the spill and have developed a remediation plan. The NYSDEC has approved a portion of the remediation plan and clean up is ongoing.  The estimated costs associated with the clean up will aggregate approximately $2,500,000.  We have paid $500,000 of such amount and the remainder is covered under our insurance policy. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><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:0.28in;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.  In our opinion, after consultation with legal counsel, we do not believe the party is entitled to either specific
performance or a return of the deposit and we are defending against the action.  Accordingly, we have not recorded a loss contingency for this matter.</font></p>

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

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

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

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

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


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        <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>11.</font></b></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Commitments and Contingencies &#150; continued</font></b></p> </td> </tr></table>
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<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:0.28in;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 loan 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:0.28in;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>Letters of Credit</font></i></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>At June 30, 2009, we had approximately $7,998,000 of standby letters of credit that were issued and outstanding.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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>Other</font></i></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>There are various legal proceedings pending against us that arise in the ordinary course of our business.  In our opinion, the outcome of such matters, in the aggregate, will not have a material effect on our financial condition, results of operations or cash flows.  </font></p>

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        <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>12.</font></b></p> </td>
        <td width="120" 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>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>


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      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top: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="3%" 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="7" 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 valign=bottom style='background:white; '>&nbsp;</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, except share and per share amounts)</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>2009</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>2008</font></b></p> </div> </td>
        <td width="3%" 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="3" 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>2009</font></b></p> </div>       </td>
        <td width="2%" valign=bottom style='background:white; '></td>
        <td colspan="3" 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>2008</font></b></p>
      </div> </td>
        <td valign=bottom style='background:white; '></td>
    </tr>
    <tr style='page-break-inside:avoid'>
        <td 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 attributable to common stockholders &#150; basic and diluted</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>$</font></p> </td>
        <td width="7%" valign=bottom style='border-bottom: double black 2.25pt;background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,005</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff; '><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p></td>
        <td width="7%" 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>38,454</font></p> </td>
        <td width="3%" 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>$</font></p></td>
        <td colspan="2" valign=bottom style=' border-bottom:double black 2.25pt;background:#cceeff'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>59,059</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff; '><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p></td>
        <td colspan="2" 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>53,606</font></p> </td>
        <td 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 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=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="7%" 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="7%" 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="3%" 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 colspan="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="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 colspan="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 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 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="2%" 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>&nbsp;</font></p> </td>
        <td width="7%" 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>5,105,936</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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="7%" 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>5,064,642</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td colspan="2" 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>5,101,608</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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td colspan="2" 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>5,054,658</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>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td 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="2%" valign=bottom >
      <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="7%" valign=bottom style='border-bottom: solid black 1.0pt; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>&#151;</font></p> </td>
        <td width="2%" valign=bottom >
      <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 >
      <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="7%" 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>33,080</font></p> </td>
        <td width="3%" valign=bottom >
      <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 >
      <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 colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2,993</font></p> </td>
        <td width="2%" valign=bottom >
      <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 >
      <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 colspan="2" 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>40,745</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>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td 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="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="7%" 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>5,105,936</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="7%" 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>5,097,722</font></p> </td>
        <td width="3%" 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 colspan="2" 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>5,104,601</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 colspan="2" 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>5,095,403</font></p> </td>
        <td 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 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=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="7%" 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="7%" 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="3%" 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 colspan="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="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 colspan="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 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 valign="middle" style='page-break-inside:avoid'>
        <td 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="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>$</font></p></td>
        <td width="7%" style='border-bottom: double black 2.25pt;background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2.55</font></p> </td>
        <td width="2%" style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff; '><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p></td>
        <td width="7%" 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>7.59</font></p> </td>
        <td width="3%" 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>$</font></p></td>
        <td colspan="2" style=' border-bottom:double black 2.25pt;background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11.58</font></p> </td>
        <td width="2%" style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff; '><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p></td>
        <td colspan="2" 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>10.61</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=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td 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=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="7%" 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="7%" 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="3%" 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 colspan="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="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 colspan="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 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 valign="middle" style='page-break-inside:avoid'>
        <td 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="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>$</font></p></td>
        <td width="7%" style='border-bottom: double black 2.25pt;background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>2.55</font></p> </td>
        <td width="2%" style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff; '><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p></td>
        <td width="7%" 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>7.54</font></p> </td>
        <td width="3%" 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>$</font></p></td>
        <td colspan="2" style=' border-bottom:double black 2.25pt;background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>11.57</font></p> </td>
        <td width="2%" style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff; '><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p></td>
        <td colspan="2" 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>10.52</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=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td 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=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="7%" 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="7%" 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="3%" 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 colspan="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="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 colspan="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 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>
        <td ></td>

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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

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

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

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<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:justify;'><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, 2009, and the related consolidated statements of operations, for the three-month and six-month periods ended June 30, 2009 and 2008 and statements of changes in equity and cash flows for the six-month periods ended June 30, 2009 and 2008.  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:justify;'><font size=2>&nbsp;</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>As discussed in Notes 2 and 3 to the consolidated financial statements, in 2009 the Company changed its method of accounting for minority interest to conform to the FASB Statement No. 160, </font><i><font size=2>Noncontrolling Interest in Consolidated Financial Statements </font></i><font size=2>(&#147;SFAS 160&#148;),</font><i><font size=2> </font></i><font size=2>and, retrospectively, adjusted the 2008 consolidated financial statements for the changes.</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 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, 2008, and the related consolidated statements of operations, stockholders&#146; equity, and cash flows for the year then ended prior to retrospective adjustments for the adoption of SFAS 160, (not presented herein); and in our report dated February 23, 2009, 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, 2008 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>August
    2, 2009</font></p>

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

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

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

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            <p   align=left style='text-align:left; margin-bottom: 0pt;'><font size=2>&nbsp;</font><b><font size=2>ITEM
      2.</font></b></p>
      </td>
      <td width="16" valign=top >&nbsp;</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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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.  We also note the following forward-looking statements:  in the case
of our development project, the estimated completion date, estimated project costs and costs to complete.  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 factors that could materially affect the outcome of our forward-looking statements, see &#147;Item 1A - Risk Factors&#148; in our Annual Report on Form&nbsp;10-K.  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:0.28in;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, 2009 and 2008. 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>

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Alexander&#146;s, Inc. (NYSE: ALX) 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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>In
    the second half of 2007 the residential mortgage and capital
    markets began showing signs of stress, primarily in the form
    of escalating default rates on sub-prime mortgages, declining
    home values and increasing inventory nationwide. In 2008,
    the &#147;credit crisis&#148; spread to the broader commercial
    credit and financial markets resulting in illiquidity and
    volatility in the bond and equity markets. These trends have
    continued in 2009. We are currently in an economic recession
    which has negatively affected substantially all businesses,
    including ours. Real estate transactions have diminished
    significantly and capitalization rates have risen. Our real
    estate portfolio may continue to be affected by declining
    demand for office and retail space due to bankruptcies, layoffs,
    downsizing, cost cutting as well as general economic conditions,
    which would result in lower occupancy rates and effective
    rents and a corresponding decrease in net income, funds from
    operations and cash flow. During the first half of 2009, our
    allowance for doubtful accounts increased, primarily related
    to Circuit City, which filed for bankruptcy in 2008 and rejected
    its lease at Rego Park I in March 2009. It is not possible
    for us to quantify the impact of the above trends, which
    may persist for the remainder of 2009 and beyond, on our
    future financial results. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=2>Stock Appreciation Rights (&#147;SARs&#148;)</font></u></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:0.28in;text-align:justify;'><font size=2>On March 2, 2009, Steven Roth, the Chairman of our Board of Directors and Chief Executive Officer and Michael Fascitelli, our President, each exercised 150,000 SARs, which were scheduled to expire on March 4, 2009.  Mr. Roth and Mr. Fascitelli each received gross proceeds of $11,419,000.  As a result of the March 2, 2009 exercises, we reversed $34,275,000 of previously recognized SARs compensation expense.  As of June 30, 2009, there are no SARs outstanding.  In the three and six months ended June 30, 2008, we reversed $21,950,000 and $21,325,000, respectively, of previously recognized expense, based on our closing stock price of $310.60 at June 30, 2008, compared to $354.50 at March 31, 2008 and $353.25 at December 31, 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:left;'><u><font size=2>Flushing</font></u></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:0.28in;text-align:left;'><font size=2>In February 2009, we sub-leased the Flushing property to a developer for the remainder of our ground lease term.</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;'><u><font size=2>Rego Park I</font></u></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:0.28in;text-align:justify;'><font size=2>On March 10, 2009, we repaid the $78,246,000 outstanding balance of the Rego Park I mortgage loan which was scheduled to mature in June 2009, and simultaneously completed a refinancing in the same amount.  The new loan bears interest at 75 basis points, is secured by the property and is 100% cash collateralized.  The proceeds of the new loan were placed in a non-interest bearing restricted mortgage escrow account.  The loan is pre-payable at any time without penalty.  </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;'><u><font size=2>731 Lexington Avenue</font></u></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:0.3in;text-align:justify;'><font size=2>On March 25, 2009, Citibank N.A. completed the assignment of its lease aggregating 176,000 square feet to Bloomberg L.P., which now occupies all of the office space at this property.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><u><font size=2>Rego Park II</font></u></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:0.28in;text-align:justify;'><font size=2>The
    development at Rego Park II consists of a 600,000 square
    foot shopping center on four levels and a parking deck containing
    approximately 1,400 spaces. As of June 30, 2009, we have
    leased 138,000 square feet to Home Depot, 134,000 square
    feet to Century 21 department store, and 132,000 square feet
    to Kohl&#146;s, (collectively, the &#147;anchor tenants&#148;).
    During the quarter ended June 30, 2009, we tendered possession
    to our anchor tenants and placed that portion
    of the asset into service; accordingly, we transferred approximately
    $222,000,000 from &#147;Construction
    in progress&#148; to &#147;Buildings,
leaseholds and leasehold improvements.&#148; </font></p>

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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, 2008 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 2009.</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>In December 2007, the Financial Accounting Standard Board (&#147;FASB&#148;) issued Statement No. 141R, </font><i><font size=2>Business Combinations </font></i><font size=2>(&#147;SFAS 141R&#148;).  SFAS 141R broadens the guidance of SFAS 141, extending its applicability to all transactions and other events in which one entity obtains control over one or more other businesses. It also broadens the fair value measurement and recognition of assets acquired, liabilities assumed, and interests transferred as a result of business combinations; and acquisition related costs will generally be expensed rather than included as part of the basis of the acquisition.  SFAS 141R expands required disclosures to improve the ability to evaluate the nature and financial effects of business combinations. SFAS 141R became effective for all transactions entered into, on or after January 1, 2009.  The
adoption of SFAS 141R on January 1 2009, did not have any effect on our consolidated financial statements.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>In December 2007, the FASB issued Statement No. 160, </font><i><font size=2>Noncontrolling Interest in Consolidated Financial Statements &#150; An Amendment of ARB No. 51</font></i><font size=2> (&#147;SFAS 160&#148;).  SFAS 160 requires a noncontrolling interest in a subsidiary to be reported as equity and the amount of consolidated net income specifically attributable to the noncontrolling interest to be identified in the consolidated financial statements.  SFAS 160 also calls for consistency in the manner of reporting changes in the parent&#146;s ownership interest and requires fair value measurement of any noncontrolling equity investment retained in a deconsolidation. SFAS 160 became effective on January 1, 2009.  The adoption of SFAS 160 on January 1, 2009, resulted in (i) the reclassification of our minority interest in consolidated subsidiary to noncontrolling interest in
consolidated subsidiary, a component of permanent equity on our consolidated balance sheet and (ii) the reclassification of minority interest expense to net income attributable to the noncontrolling interest on our consolidated statements of operations.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>On May 28, 2009, the FASB issued Statement No. 165, </font><i><font size=2>Subsequent Events</font></i><font size=2> (&#147;SFAS 165&#148;).&nbsp; Although SFAS 165 does not significantly change current practice surrounding the disclosure of subsequent events, it provides guidance on management&#146;s assessment of subsequent events and the requirement to disclose the date through which subsequent events have been evaluated.&nbsp; SFAS 165 became effective on June 30, 2009.&nbsp; We have evaluated subsequent events through August 2, 2009 for this quarterly report on Form 10-Q for the quarter ended June 30, 2009.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>On June 12, 2009, the FASB issued Statement No. 167, </font><i><font size=2>Amendments to FASB Interpretation No. 46(R)</font></i><font size=2> (&#147;SFAS 167&#148;).&nbsp; SFAS 167 modifies the existing quantitative guidance used in determining the primary beneficiary of a variable interest entity (&#147;VIE&#148;) by requiring entities</font><b><font size=2> </font></b><font size=2>to qualitatively assess whether an enterprise is a primary beneficiary, based on whether the entity has (i) power over the significant activities of the VIE, and (ii) an obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE.&nbsp; SFAS 167 becomes effective for all new and existing VIEs on January 1, 2010.&nbsp; The adoption of SFAS 167 will not have a material effect on our consolidated financial statements.&nbsp; </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>On June 29, 2009, the FASB issued Statement No. 168, </font><i><font size=2>The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles &#150; A Replacement of FASB Statement No. 162</font></i><font size=2> (&#147;SFAS 168&#148;).  SFAS 168 establishes the FASB Accounting Standards Codification (the &#147;Codification&#148;) as the primary source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities.  Rules and interpretive releases of the SEC are also sources of authoritative GAAP for SEC registrants.  SFAS 168 and the Codification become effective on September 30, 2009.  When effective, the Codification will supersede all existing non-SEC accounting and reporting standards and the FASB will not issue new standards in the form of Statements, FASB Staff Positions, or Emerging Issues Task Force Abstracts.
Instead, the FASB will issue Accounting Standards Updates, which will serve only to: (a) update the Codification; (b) provide background information about the guidance; and (c) provide the basis for conclusions on the change(s) in the Codification.  The adoption of SFAS 168 and the Codification on September 30, 2009 will not have a material effect on our consolidated financial statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Bloomberg L.P. accounted for approximately 34% and 31% of our consolidated revenues in the three months ended June 30, 2009 and 2008, respectively, and 34% and 32% of our consolidated revenues in the six months ended June 30, 2009 and 2008, 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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

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

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

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

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Results of Operations for the Three Months Ended June 30, 2009 and 2008</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Net income attributable to common stockholders for the quarter ended June 30, 2009 was $13,005,000, compared to $38,454,000 for the quarter ended June 30, 2008.  Net income attributable to common stockholders for the quarter ended June 30, 2008 includes $21,950,000 for the reversal of a portion of previously recognized SARs compensation expense. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&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:0.28in;text-align:justify;'><font size=2>Property rentals were $37,878,000 in the quarter ended June 30, 2009, compared to $35,413,000 in the prior year&#146;s quarter, an increase of $2,465,000.  This increase was primarily attributable to tendering possession to our anchor tenants at the Rego Park II property, whose space was placed into service during the quarter ended June 30, 2009.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&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:0.28in;text-align:justify;'><font size=2>Tenant expense reimbursements were $16,997,000 in the quarter ended June 30, 2009, compared to $16,065,000 in the prior year&#146;s quarter, an increase of $932,000. This increase was primarily due to reimbursements for higher real estate taxes.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&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:0.28in;text-align:justify;'><font size=2>Operating expenses were $18,252,000 in the quarter ended June 30, 2009, compared to $17,371,000 in the prior year&#146;s quarter, an increase of $881,000.  This increase was primarily due to higher real estate taxes.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&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:0.28in;text-align:justify;'><font size=2>Excluding $21,950,000 for the reversal of previously recognized SARs compensation expense in the quarter ended June 30, 2008, general and administrative expenses decreased by $245,000 from the prior year&#146;s quarter.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Depreciation and amortization was $6,841,000 in the quarter ended June 30, 2009, compared to $5,608,000 in the prior year&#146;s quarter, an increase of $1,233,000.  This increase was primarily due to depreciation on the portion of the asset placed into service at Rego Park II.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&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:0.28in;text-align:justify;'><font size=2>Interest and other income, net was $668,000 in the quarter ended June 30, 2009, compared to $5,607,000 in the prior year&#146;s quarter, a decrease of $4,939,000.  This decrease was primarily comprised of (i) $1,784,000 from lower average yields on investments, from 2.25% in the quarter ended June 30, 2008, to 0.61% in the quarter ended June 30, 2009, (ii) $1,872,000 for the net gain on the sale of real estate tax abatement certificates in 2008, and (iii) $988,000 from lower average cash balances of $175,730,000 at an average yield of 2.25%.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&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:0.28in;text-align:justify;'><font size=2>Interest and debt expense was $15,950,000 in the quarter ended June 30, 2009, compared to $15,562,000 in the prior year&#146;s quarter, an increase of $388,000. This increase was due to $2,136,000 of lower capitalized interest as a result of placing a portion of the Rego Park II property in service during the quarter ended June 30, 2009, partially offset by $1,716,000 of interest savings, primarily from the refinancing of the Rego Park I mortgage loan on March 10, 2009. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&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:0.28in;text-align:justify;'><font size=2>Income tax expense was $30,000 in the quarter ended June 30, 2009, compared to $622,000 in the prior year&#146;s quarter, a decrease of $592,000.  The decrease was due to the liquidation of 731 Residential LLC, our taxable REIT subsidiary, in September 2008.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>Net (Income) Loss Attributable to the Noncontrolling Interest</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Net (income) loss attributable to the noncontrolling interest represents our venture partner&#146;s 75% pro rata share of income or loss in our consolidated partially owned entity, the Kings Plaza energy plant joint venture.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

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

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

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<b><font size=2>Results of Operations for the Six Months Ended June 30, 2009 and 2008</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Net income attributable to common stockholders for the six months ended June 30, 2009 was $59,059,000, compared to $53,606,000 for the six months ended June 30, 2008. Net income attributable to common stockholders for the six months ended June 30, 2009 includes $34,275,000 for the reversal of a portion of previously recognized SARs compensation expense, compared to $21,325,000 for such reversal in the six months ended June 30, 2008. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&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:0.28in;text-align:justify;'><font size=2>Property rentals were $74,075,000 in the six months ended June 30, 2009, compared to $71,446,000 in the prior year&#146;s six months, an increase of $2,629,000.  This increase was primarily attributable to tendering possession to our anchor tenants at the Rego Park II property, whose space was placed into service during the quarter ended June 30, 2009.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&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:0.28in;text-align:justify;'><font size=2>Tenant expense reimbursements were $33,890,000 in the six months ended June 30, 2009, compared to $31,798,000 in the prior year&#146;s six months, an increase of $2,092,000. This increase was primarily due to reimbursements for higher real estate taxes.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&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:0.28in;text-align:justify;'><font size=2>Operating expenses were $37,287,000 in the six months ended June 30, 2009, compared to $35,038,000 in the prior year&#146;s six months, an increase of $2,249,000.  This increase was primarily due to higher real estate taxes.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&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:0.28in;text-align:justify;'><font size=2>Excluding (i) $34,275,000 and $21,325,000 for the reversal of a portion of previously recognized SARs compensation expense in the six months ended June 30, 2009 and 2008, respectively, and (ii) $1,407,000 for the write-off of previously capitalized costs at our Flushing property, in the six months ended June 30, 2009, general and administrative expenses decreased by $282,000 from the prior year&#146;s six months.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Depreciation and amortization was $12,558,000 in the six months ended June 30, 2009, compared to $11,209,000 in the six months ended June 30, 2008, an increase of $1,349,000.  This increase was primarily due to depreciation on the portion of the asset placed into service at Rego Park II.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&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:0.28in;text-align:justify;'><font size=2>Interest
    and other income, net was $1,632,000 in the six months ended
    June 30, 2009, compared to $10,023,000 in the prior year&#146;s
    six months, a decrease of $8,391,000. This decrease was primarily
    comprised of (i) $5,112,000 from lower average yields on
    investments, from 2.74% in the six months ended June 30,
    2008, to 0.59% in the six months ended June 30, 2009, (ii)
    $1,872,000 for the net gain on the sale of real estate tax
    abatement certificates in 2008, and (iii) $1,254,000 from
    lower average cash balances of $91,530,000 at an average
    yield of 2.74%.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&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:0.28in;text-align:justify;'><font size=2>Interest and debt expense was $30,846,000 in the six months ended June 30, 2009, compared to $31,243,000 in the prior year&#146;s six months, a decrease of $397,000. This decrease was primarily comprised of (i) interest savings of $2,354,000, principally from the refinancing of the Rego Park I mortgage loan on March 10, 2009 and (ii) a $324,000 decrease in interest on the leasing commissions due to Vornado, mainly due to a lower rate in the current period, partially offset by (iii) $2,246,000 of lower capitalized interest as a result of placing a portion of the Rego Park II property in service during the current period.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&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:0.28in;text-align:justify;'><font size=2>Income tax expense was $118,000 in the six months ended June 30, 2009, compared to $1,124,000 in the six months ended June 30, 2008, a decrease of $1,006,000.  This decrease was due to the liquidation of 731 Residential LLC, our taxable REIT subsidiary, in September 2008.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><u><font size=2>Net (Income) Loss Attributable to the Noncontrolling Interest</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Net (income) loss attributable to the noncontrolling interest represents our venture partner&#146;s 75% pro rata share of net income or loss in our consolidated partially owned entity, the Kings Plaza energy plant joint venture.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

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

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

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<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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>We anticipate that cash from operations, together with existing cash balances, will be adequate to fund our business operations, recurring capital expenditures, and debt amortization over the next twelve months.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><u><font size=2>Rego Park II Development Project</font></u></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:0.28in;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. The development at Rego Park II consists
    of a 600,000 square foot shopping center on four levels and
    a parking deck containing approximately 1,400 spaces. Construction
    is expected to be substantially completed by the end of this
    year and estimated to cost approximately $410,000,000, of
    which $332,532,000 has been expended as of June 30, 2009.
    As of June 30, 2009, $217,054,000 was drawn on the $350,000,000
    construction loan. The loan has an interest rate of LIBOR
    plus 1.20% (1.52% at June 30, 2009), and matures in December
2010, with a one-year extension option. </font><font size=2>As
    of June 30, 2009, we have leased 138,000 square feet to Home
    Depot, 134,000 square feet to Century 21 department store,
    and 132,000 square feet to Kohl&#146;s, (collectively, the &#147;anchor
    tenants&#148;).
    During the quarter ended June 30, 2009, we tendered possession
    to our anchor tenants and placed that portion
    of the asset into service. </font><font size=2>There
    can be no assurance that the balance of the 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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>We carry commercial liability with limits of $200,000,000 per location and all risk property insurance for (i)&nbsp;fire, (ii)&nbsp;flood, (iii)&nbsp;rental loss, (iv) extended coverage, and (v)&nbsp;&#147;acts of terrorism,&#148; as defined in the Terrorism Risk Insurance Program Reauthorization Act (&#147;TRIPRA&#148;) of 2007, with respect to our assets, with limits of $1.7 billion per occurrence for all of our 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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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 for the purposes of 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, 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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

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

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<b><font size=2>Liquidity and Capital Resources - continued</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><u><i><font size=2>Six Months Ended June 30, 2009</font></i></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Cash and cash equivalents were $438,669,000 at June 30, 2009, compared to $515,940,000 at December 31, 2008, a decrease of $77,271,000.  This decrease resulted from $118,280,000 of net cash used in investing activities, partially offset $28,617,000 of net cash provided by financing activities and $12,392,000 of net cash provided by operating activities.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Net cash provided by operating activities of $12,392,000 was comprised of net income of $59,286,000, partially offset by adjustments for non-cash items of $26,755,000 and the net change in operating assets and liabilities of $20,139,000.  The adjustments for non-cash items were comprised of (i) a reversal of the liability for SARs compensation expense of $34,275,000 and (ii) straight-lining of rental income of $8,383,000, partially offset by (iii) depreciation and amortization of $14,019,000 and (iv) other non-cash adjustments of $1,884,000, primarily due to a $1,407,000 write-off of previously capitalized costs at our Flushing property.  The net change in operating assets and liabilities of $20,139,000 included a $22,838,000 payment for SARs compensation expense.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Net cash used in investing activities of $118,280,000 was primarily comprised of restricted cash of $80,695,000, primarily related to the fully cash-collateralized mortgage at Rego Park I, and capital expenditures of $37,585,000, primarily related to the development of our Rego Park II project.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Net cash provided by financing activities of $28,617,000 was primarily comprised of borrowings under the construction loan to fund expenditures at our Rego Park II project.  Financing activities also include the $78,246,000 refinancing of the Rego Park I mortgage loan.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.02in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><u><i><font size=2>Six Months Ended June 30, 2008</font></i></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Cash and cash equivalents were $590,036,000 at June 30, 2008, compared to $560,231,000 at December 31, 2007, an increase of $29,805,000.  This increase resulted from $39,485,000 of net cash provided by operating activities and $49,460,000 of net cash provided by financing activities, partially offset by $59,140,000 of net cash used in investing activities.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Net cash provided by operating activities of $39,485,000 was comprised of (i) net income of $53,326,000 and (ii) the net change in operating assets and liabilities of $2,409,000, partially offset by (iii) adjustments for non-cash items of $16,250,000.  The adjustments for non-cash items were primarily comprised of (a) a $21,325,000 reversal of previously recognized stock appreciation rights compensation expense, (b) $5,586,000 for the straight-lining of rental income and (c) a net gain on the sale of real estate tax abatement certificates of $1,872,000, partially offset by (d) depreciation and amortization of $12,533,000.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Net cash used in investing activities of $59,140,000 was primarily comprised of capital expenditures of $61,654,000 primarily related to the development of our Rego Park II project, partially offset by proceeds from the sale of real estate tax abatement certificates of $2,986,000.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Net cash provided by financing activities of $49,460,000 was primarily comprised of $55,831,000 of borrowings under the construction loan to fund expenditures at our Rego Park II project and the exercise of share options of $1,617,000, partially offset by repayments of borrowings of $7,313,000.</font></p>

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

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

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><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:0.28in;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:0.25in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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:0.25in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><u><i><font size=2>FFO Attributable to Common Stockholders for the Three and Six Months  Ended June 30, 2009 and 2008</font></i></u></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:0.28in;text-align:justify;'><font size=2>FFO attributable to common stockholders for the quarter ended June 30, 2009 was $19,717,000, or $3.86 per diluted share, compared to $44,264,000, or $8.68 per diluted share, for the quarter ended June 30, 2008. FFO attributable to common stockholders for the quarter ended June 30, 2008 includes $21,950,000, or $4.31 per diluted share, for the reversal of previously recognized SARs compensation expense.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>FFO attributable to common stockholders for the six months ended June 30, 2009 was $71,360,000 or $13.98 per diluted share, compared to $64,617,000, or $12.68 per diluted share, for the six months ended June 30, 2008.  FFO for the six months ended June 30, 2009 and 2008 includes $34,275,000, or $6.71 per diluted share, and $21,325,000, or $4.19 per diluted share, respectively, for the reversal of previously recognized SARs compensation expense.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>The following table reconciles our net income to FFO:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><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=2>&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=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="3%" 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 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 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 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>2009</font></b></p> </div> </td>
        <td width="3%" 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>2008</font></b></p> </div> </td>
        <td width="3%" 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;&nbsp;&nbsp;&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>2009</font></b></p> </div> </td>
        <td width="3%" 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>2008</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=2>&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=2>&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=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="3%" 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="3%" 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="3%" 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 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 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 attributable to Alexander&#146;s</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>&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:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="8%" valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13,005</font></p> </td>
        <td width="3%" valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff; '><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</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>38,454</font></p> </td>
        <td width="3%" 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:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p></td>
        <td width="8%" valign=bottom style='background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>59,059</font></p> </td>
        <td width="3%" valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff; '><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</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>53,606</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>&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:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Depreciation and amortization of real property</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=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>6,712</font></p> </td>
        <td width="3%" 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>5,810</font></p> </td>
        <td width="3%" 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>12,301</font></p> </td>
        <td width="3%" 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>11,011</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=2>&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:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>FFO attributable to common stockholders</font></p> </td>
        <td 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:2pt;margin-bottom:0pt'><font size=2>$</font></p></td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>19,717</font></p> </td>
        <td width="3%" valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff; '><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</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>44,264</font></p> </td>
        <td width="3%" 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:2pt;margin-bottom:0pt'><font size=2>$</font></p></td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>71,360</font></p> </td>
        <td width="3%" valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff; '><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</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>64,617</font></p> </td>
        <td 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>&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:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&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=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="3%" 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="3%" 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="3%" 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 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> </tr>
    <tr style='page-break-inside:avoid'>
        <td 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 attributable to common stockholders per diluted share</font></p> </td>
        <td 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:2pt;margin-bottom:0pt'><font size=2>$</font></p></td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>3.86</font></p> </td>
        <td width="3%" valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff; '><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</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>8.68</font></p> </td>
        <td width="3%" 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:2pt;margin-bottom:0pt'><font size=2>$</font></p></td>
        <td width="8%" valign=bottom style='border-bottom: double black 2.25pt;background:#cceeff'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>13.98</font></p> </td>
        <td width="3%" valign=bottom style='background:#cceeff; '>
      <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='background:#cceeff; '><p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</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>12.68</font></p> </td>
        <td 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>&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:-.25in;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&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=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="3%" 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="3%" 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="3%" 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 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> </tr>
    <tr style='page-break-inside:avoid'>
        <td 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 FFO per diluted share </font></p> </td>
        <td 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>5,105,936</font></p> </td>
        <td width="3%" 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>5,097,722</font></p> </td>
        <td width="3%" 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>5,104,601</font></p> </td>
        <td width="3%" 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>5,095,403</font></p> </td>
        <td 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> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><a name="PAGENUM"><font size=2>21</font>
</a></p>

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

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

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

<div title="EE+ Page Break" style="PAGE-BREAK-AFTER: always">

<hr noshade align="center" width="100%" size="2">
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="407" style='border-collapse:collapse'>
    <tr >
        <td width="48" 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 3.</font></b></p> </td>
        <td width="359" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Quantitative and Qualitative Disclosures About Market Risk</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>We have exposure to fluctuations in interest rates, which are sensitive to many factors that are beyond our control.  Our exposure to a change in interest rates is summarized in the table below.</font></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="83%" style='margin-left:0pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="45%" 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 per share amounts)</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 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>Balance as of</font></b><br> <b><font size=2>June 30, </font></b><br> <b><font size=2>2009 </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 width="17%" 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>Weighted-Average</font></b><br> <b><font size=2>Interest Rate</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>Effect of 1%</font></b><br> <b><font size=2>Change in </font></b><br> <b><font size=2>Base Rates </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> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="45%" 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>Variable</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="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>$</font></p> </td>
        <td width="13%" valign=bottom style='background:#cceeff; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>274,570</font></p> </td>
        <td width="1%" valign=bottom style='background:#cceeff; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="17%" valign=bottom style='background:#cceeff; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt'><font size=2>1.83%</font></p> </td>
        <td width="1%" valign=bottom style='background:#cceeff; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#cceeff; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="13%" 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>2,746</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> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="45%" valign=top style='background:white'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Fixed Rate</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="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="13%" 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>1,032,025</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="17%" valign=bottom style='background:white; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>5.31%</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="13%" 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>&#151;</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> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="45%" valign=top style='background:#cceeff'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>&nbsp;</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="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>$</font></p> </td>
        <td width="13%" valign=bottom style='border-bottom: double black 2.25pt;background:#cceeff'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt'><font size=2>1,306,595</font></p> </td>
        <td width="1%" valign=bottom style='background:#cceeff; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="17%" valign=bottom style='background:#cceeff; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.5pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#cceeff; '>
            <p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0.5pt'><font size=2>&nbsp;</font></p> </td>
        <td width="1%" valign=bottom style='background:#cceeff; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=2>$</font></p> </td>
        <td width="13%" 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>2,746</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> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="45%" valign=top >
            <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="2%" valign=bottom >
            <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 >
            <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="13%" valign=bottom >
            <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 >
            <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="17%" valign=bottom >
            <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 >
            <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 >
            <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="13%" valign=bottom >
            <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 >
            <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="45%" valign=top style='background:#cceeff'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.5pt;margin-bottom: 0in'><font size=2>Total effect on diluted earnings per share</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="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="13%" 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="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="17%" valign=bottom style='background:#cceeff; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.5pt;margin-bottom:0pt'><font size=2>&nbsp;</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>$</font></p> </td>
        <td width="13%" 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>0.54</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> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>As of June 30, 2009, the fair value of our debt, estimated by discounting the 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, was less than the aggregate carrying amount by approximately $175,813,000.  Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition of our financial instruments.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="208" style='border-collapse:collapse; '>
    <tr >
        <td width="48" 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="160" 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:0.28in;text-align:justify;'><font size=2>(a) Disclosure Controls and Procedures: 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 Rule 13a-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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>(b) Internal Control Over Financial Reporting: 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-align:left;'><font size=2>&nbsp;</font></p>

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

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

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

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

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

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<hr noshade align="center" width="100%" size="2">
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</p>


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        <td width="61" 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="168" 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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>


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        <td width="53" 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:0.03in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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, in the aggregate, 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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>


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        <td width="53" 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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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, 2008. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>


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        <td width="53" 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:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>None.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>


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        <td width="53" 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-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>None.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>


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        <td width="53" 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-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>On May 14, 2009, we held our Annual Meeting of Stockholders.  Two proposals were presented to our stockholders for approval.  The results of the voting are shown below:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p  ><font size=2>&nbsp;</font></p> </td>
        <td width="30" 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 three 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:0.25in;text-align:justify;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="686" style='margin-left:.5in;border-collapse:collapse'>
    <tr >
        <td width="229" 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="229" 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 For</font></p> </div> </td>
        <td width="229" 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="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  ><font size=2>&nbsp;</font></p> </td>
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>&nbsp;</font></p> </td>
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  ><font size=2>David Mandelbaum</font></p> </td>
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>4,931,959</font></p> </td>
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>48,858</font></p> </td> </tr>
    <tr >
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  ><font size=2>Arthur I. Sonnenblick</font></p> </td>
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>4,951,746</font></p> </td>
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>29,071</font></p> </td> </tr>
    <tr >
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  ><font size=2>Richard R. West</font></p> </td>
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>4,952,368</font></p> </td>
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>28,449</font></p> </td> </tr>
    <tr >
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  ><font size=2>&nbsp;</font></p> </td>
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  ><font size=2>&nbsp;</font></p> </td>
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  ><font size=2>&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 three nominees elected above, Steven Roth, Michael Fascitelli, Thomas R. DiBenedetto, Neil Underberg, Dr. Richard R. West and Russell B. Wight, Jr. continue to serve as Directors after the meeting.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.56in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.56in;text-align:justify;'><font size=2>There were no abstentions or broker non-votes.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.56in;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="24" valign=top >
            <p  ><font size=2>&nbsp;</font></p> </td>
        <td width="30" 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:0.25in;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="686" style='margin-left:.5in;border-collapse:collapse'>
    <tr >
        <td width="229" 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 For</font></p> </div> </td>
        <td width="229" 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 Against </font></p> </div> </td>
        <td width="229" 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="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>&nbsp;</font></p> </td>
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>&nbsp;</font></p> </td>
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>4,976,806</font></p> </td>
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>3,355</font></p> </td>
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>656</font></p> </td> </tr>
    <tr >
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>&nbsp;</font></p> </td>
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>&nbsp;</font></p> </td>
        <td width="229" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.56in;text-align:justify;'><font size=2>There were no broker non-votes.  </font></p>

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

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

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

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

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

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<hr noshade align="center" width="100%" size="2">
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="296" style='border-collapse:collapse; '>
    <tr >
        <td width="61" 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="235" 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 - continued</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.56in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.04in; text-indent:-0.04in;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="47" 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-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>None. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;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="53" 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-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>Exhibits
    required by Item 601 of Regulation S-K are filed herewith
    and are listed in the attached Exhibit Index.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<div align=left>

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    <tr >
        <td width="27" valign=top >
            <p  ><font size=2>&nbsp;</font></p> </td>
        <td width="26" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2> </font></p> </td>
      <td  valign=top >&nbsp;</td>
    </tr></table>
</div>


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

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

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

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

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

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<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:0.5in;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>


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    <tr style='page-break-inside:avoid'>
        <td width="334" 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>&nbsp;</font></p> </td>
        <td width="39" 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>&nbsp;</font></p> </td>
        <td width="313" 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="334" 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="39" 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="313" 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="334" 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="39" 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="313" 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> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="334" 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="39" 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="313" 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> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="334" 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="39" 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="313" 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> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="334" 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="39" 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="313" 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> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="334" 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:  August 3, 2009</font></p> </td>
        <td width="39" 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="313" 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="334" 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="39" 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="313" 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 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:3.06in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

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

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

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

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

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


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<table width="100%" 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'>
            <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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;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:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>  </td>
        <td 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=2>&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>&nbsp;</font></p>  </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;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:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>  </td>
        <td 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=2>&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>3.1</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 from Exhibit 3.1 to the registrant&#146;s Registration Statement on Form S-3 filed on September 20, 1995</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>3.2</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2000</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.1</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  Trust and Keen Realty Consultants, Inc., each as&nbsp;special real estate consultants, and the  Company. Incorporated herein by reference from Exhibit 10(i)(O) to the registrant&#146;s  Annual Report on Form 10-K for the fiscal year ended July 25, 1992</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.2</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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,  1995, between the Company and Vornado Realty Trust. Incorporated herein by reference  from Exhibit 10(i)(G)(2) to the registrant&#146;s Annual Report Form 10-K for the year ended  December 31, 1994</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.3</font></p> </td>
        <td 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></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  by reference from Exhibit 10 to the registrant&#146;s Quarterly Report on Form 10-Q for the  quarter ended June 30, 1997, filed on August 13, 1997</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.4</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  Partnership, landlord, and Bloomberg L.P., tenant. Incorporated herein by reference from  Exhibit 10(v) B to the registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended  June 30, 2001, filed on August 2, 2001</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.5</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  May&nbsp;31, 2001 among Alexander&#146;s Kings Plaza LLC as mortgagor, Alexander&#146;s of King  LLC as mortgagor and Kings Parking LLC as mortgagor, collectively borrower, to  Morgan Guaranty Trust Company of New York, as mortgagee. Incorporated herein by  reference from Exhibit 10(v) A1 to the registrant&#146;s Quarterly Report on Form 10-Q for the  quarter ended June 30, 2001, filed on August 2, 2001</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.6</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  between Alexander&#146;s Kings Plaza LLC, Alexander&#146;s of Kings LLC, and Kings&nbsp;Parking  LLC collectively borrower, and Morgan Guaranty Trust Company of New York, lender.  Incorporated herein by reference from Exhibit 10(v) A2 to the registrant&#146;s Quarterly  Report on Form 10-Q for the quarter ended June 30, 2001, filed on August 2, 2001</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.7</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  Kings Plaza LLC, Alexander&#146;s of Kings LLC, and Kings Parking LLC collectively  borrower, and Morgan Guaranty Trust Company of New York, lender. Incorporated  herein by reference from Exhibit 10(v) A3 to the registrant&#146;s Quarterly Report on  Form&nbsp;10-Q for the quarter ended June 30, 2001, filed on August 2, 2001</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
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      <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 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'><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:right;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>___________________ <br>
      Incorporated by reference. <br>
      Management contract or compensatory agreement</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>&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>

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

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

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<div align=center>

<table width="100%" 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>10.8</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  Alexander&#146;s Kings Plaza LLC, Alexander&#146;s of Kings LLC, and Kings Parking LLC  collectively borrower and JP Morgan Chase Bank of New York, lender. Incorporated  herein by reference from Exhibit 10(v)(A)(4) to the registrant&#146;s Annual Report on  Form&nbsp;10-K for the year ended December 31, 2001, filed on March 13, 2002</font></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:4.5pt;text-align:justify;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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.9</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  borrower, and SVENSKA HANDELSBANKEN AB (publ), as lender. Incorporated  herein by reference from Exhibit 10(v)(C)(1) to the registrant&#146;s Annual Report on Form  10-K for the year ended December 31, 2001, filed on March 13, 2002</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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 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>&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>10.10</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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,  2001 by and between ALX of Paramus LLC as borrower, and SVENSKA  HANDELSBANKEN AB (publ), as lender. Incorporated herein by reference from Exhibit  10(v)(C)(2) to the registrant&#146;s Annual Report on Form 10-K for the year ended December  31, 2001, filed on March 13, 2002</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.11</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  Paramus LLC, as borrower, and SVENSKA HANDELSBANKEN AB (publ), as lender.  Incorporated herein by reference from Exhibit 10(v)(C)(3) to the registrant&#146;s Annual  Report on Form 10-K for the fiscal year ended December 31, 2001, filed on March 13, 2002</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.12</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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,  and IKEA Property, Inc. as Tenant. Incorporated herein by reference from Exhibit  10(v)(C)(4) to the registrant&#146;s Annual Report on Form 10-K for the year ended December  31, 2001, filed on March 13, 2002 </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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.13</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 to Real Estate Retention Agreement, dated as of July 3, 2002, by and  between Alexander&#146;s, Inc. and Vornado Realty, L.P. Incorporated herein by reference  from Exhibit 10(i)(E)(3) to the registrant&#146;s Quarterly Report on Form 10-Q for the quarter  ended June 30, 2002, filed on August 7, 2002</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.14</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  Vornado Realty, L.P., 731 Residential LLC and 731 Commercial LLC. Incorporated  herein by reference from Exhibit 10(i)(E)(4) to the registrant&#146;s Quarterly Report on Form  10-Q for the quarter ended June 30, 2002, filed on August 7, 2002</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.15</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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,  2002, by and between Alexander&#146;s, Inc., the subsidiaries party thereto and Vornado  Management Corp. Incorporated herein by reference from Exhibit 10(i)(F)(1) to the  registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2002, filed on August 7, 2002</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.16</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  Alexander&#146;s Kings Plaza LLC and Vornado Management Corp. Incorporated herein by  reference from Exhibit 10(i)(F)(3) to the registrant&#146;s Quarterly Report on Form 10-Q for  the quarter ended June 30, 2002, filed on August 7, 2002</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.17</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  July&nbsp;3, 2002, among 731 Residential Holding LLC, as the sole member, Domenic A.  Borriello, as an Independent Manager and Kim Lutthang, as an Independent Manager.  Incorporated herein by reference from Exhibit 10(i)(A)(1) to the registrant&#146;s Quarterly  Report on Form 10-Q for the quarter ended June 30, 2002, filed on August 7, 2002</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>&nbsp;</font></p> </td>
        <td 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'><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:right;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>___________________ <br>
            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=2>&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>

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

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

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

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

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

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<hr noshade align="center" width="100%" size="2">
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</p>


<div align=center>

<table width="100%" 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>10.18</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  July 3, 2002, among 731 Commercial Holding LLC, as the sole member, Domenic A.  Borriello, as an Independent Manager and Kim Lutthang, as an Independent Manager.  Incorporated herein by reference from Exhibit 10(i)(A)(2) to the registrant&#146;s Quarterly  Report on Form 10-Q for the quarter ended June 30, 2002, filed on August 7, 2002</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.19</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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.,  731 Commercial LLC, 731 Residential LLC and Vornado Realty, L.P. Incorporated  herein by reference from Exhibit 10(i)(C)(8) to the registrant&#146;s Quarterly Report on Form  10-Q for the quarter ended June 30, 2002, filed on August 7, 2002</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.20</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  Partnership, landlord and Bloomberg L.P., tenant. Incorporated herein by reference from  Exhibit 10(v)(B)(2) to the registrant&#146;s Quarterly Report on Form 10-Q for the fiscal  quarter ended June 30, 2002, filed on August 7, 2002</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.21</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  LLC, as Borrower and German American Capital Corporation, as Lender. Incorporated  herein by reference from Exhibit 10.20 to the registrant&#146;s Annual Report on 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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.22</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  Statement and Assignment of Leases, Rent and Security Deposits by and between  731&nbsp;Office One LLC as Borrower and German American Capital Corporation as Lender,  dated as of February 13, 2004. Incorporated herein by reference from Exhibit 10.21 to the  registrant&#146;s Annual Report on 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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.23</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 One LLC in favor of German American Capital Corporation. Incorporated herein by  reference from Exhibit 10.22 to the registrant&#146;s Annual Report on 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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.24</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  American Capital Corporation, dated as of February 13, 2004. Incorporated herein by  reference from Exhibit 10.23 to the registrant&#146;s Annual Report on 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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.25</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  American Capital Corporation as Lender, and 731 Office One LLC as Borrower, and JP  Morgan Chase as Cash Management Bank. Incorporated herein by reference from Exhibit  10.24 to the registrant&#146;s Annual Report on 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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.26</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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,  2004 by 731 Office One LLC and Alexander&#146;s Management LLC and German American  Capital Corporation. Incorporated herein by reference from Exhibit 10.25 to the  registrant&#146;s Annual Report on 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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.27</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 LLC and German American Capital Corporation. Incorporated herein by reference from  Exhibit 10.26 to the registrant&#146;s Annual Report on 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 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'><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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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>___________________ <br>
            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=2>&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>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><a name="PAGENUM"><font size=2>28</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<div align=center>

<table width="100%" 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>10.28</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  German American Capital Corporation. Incorporated herein by reference from Exhibit  10.27 to the registrant&#146;s Annual Report on 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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.29</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  German American Capital Corporation. Incorporated herein by reference from Exhibit  10.28 to the registrant&#146;s Annual Report on 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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.30</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  German American Capital Corporation. Incorporated herein by reference from Exhibit  10.29 to the registrant&#146;s Annual Report on 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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.31</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 German American Capital Corporation. Incorporated herein by reference from Exhibit  10.30 to the registrant&#146;s Annual Report on 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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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>10.32</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 German American Capital Corporation. Incorporated herein by reference from Exhibit  10.31 to the registrant&#146;s Annual Report on 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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  German American Capital Corporation. Incorporated herein by reference from Exhibit  10.32 to the registrant&#146;s Annual Report on 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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  and for the benefit of German American Capital Corporation. Incorporated herein by  reference from Exhibit 10.33 to the registrant&#146;s Annual Report on 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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  731&nbsp;Office One LLC for the benefit of German American Capital Corporation.  Incorporated herein by reference from Exhibit 10.34 to the registrant&#146;s Annual Report on 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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 Financial, as Lender.  Incorporated herein by reference from Exhibit 10.1 to the  registrant&#146;s 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=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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 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></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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. Incorporated herein by reference from Exhibit 10.61 to the registrant&#146;s Quarterly Report  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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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 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>&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 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></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 employees.  Incorporated herein by reference from Exhibit 10.62 to the registrant&#146;s Quarterly Report 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 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'><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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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>___________________<br>
            Incorporated by reference. <br>
            Management contract or compensatory agreement</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>&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>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;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:left;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=2>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><a name="PAGENUM"><font size=2>29</font>
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      <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 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></p> </td>
        <td nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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  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=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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 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>&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 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 nowrap valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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>Second Amendment to Real Estate Retention Agreement, dated as of January 1, 2007, by and between Alexander&#146;s, Inc. and Vornado Realty L.P.  Incorporated herein by reference from Exhibit 10.64 to the registrant&#146;s Annual Report on Form 10-K for the year ended December 31, 2006, filed on February 26, 2007</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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 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>&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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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,  by and among Vornado Realty L.P., 731 Retail One LLC, 731 Restaurant LLC, 731 Office One LLC and 731 Office Two LLC.  Incorporated herein by reference from Exhibit 10.65 to the registrant&#146;s Annual Report on Form 10-K for the year ended December 31, 2006, filed on February 26, 2007</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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 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>&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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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>Building Loan Agreement, dated as of December 21, 2007, among Alexander&#146;s of Rego  Park II, Inc., as Borrower, PB Capital Corporation, as Lender, Norddeutsche Landesbank  Girozentrale, New York Branch, as Lender, Wells Fargo Bank, National Association, as  Lender, Landesbank Baden-Wurttemberg, New York Branch, as Lender, Bank of Ireland,  Connecticut Branch, as Lender, PB Capital Corporation, as Administrative Agent, PB  Capital Corporation and Norddeutsche Landesbank Girozentrale, New York Branch, as  Co-Arrangers. Incorporated herein by reference from Exhibit 10.1 to the registrant&#146;s  Current Report on Form 8-K, filed on December 28, 2007</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 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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 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>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.43</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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>Project Loan Agreement, dated as of December 21, 2007, among Alexander&#146;s of Rego  Park II, Inc., as Borrower, PB Capital Corporation, as Lender, Norddeutsche Landesbank  Girozentrale, New York Branch, as Lender, Wells Fargo Bank, National Association, as  Lender, Landesbank Baden-Wurttemberg, New York Branch, as Lender, Bank of Ireland,  Connecticut Branch, as Lender, PB Capital Corporation, as Administrative Agent, PB  Capital Corporation and Norddeutsche Landesbank Girozentrale, New York Branch, as  Co-Arrangers. Incorporated herein by reference from Exhibit 10.2 to the registrant&#146;s  Current Report on Form 8-K, filed on December 28, 2007</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.44</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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>Series I Building Loan Mortgage, Assignment of Leases and Rents and Security  Agreement, dated as of December 21, 2007, from Alexander&#146;s of Rego Park II, Inc., as  Mortgagor, to PB Capital Corporation, as Administrative Agent for the Lenders.  Incorporated herein by reference from Exhibit 10.3 to the registrant&#146;s Current Report on  Form 8-K, filed on December 28, 2007</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.45</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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>Series II Building Loan Mortgage, Assignment of Leases and Rents and Security Agreement, dated as of December 21, 2007, from Alexander&#146;s of Rego Park II, Inc., as Mortgagor, to PB Capital Corporation, as Administrative Agent for the Lenders. Incorporated herein by reference from Exhibit 10.4 to the registrant&#146;s Current Report on  Form 8-K, filed on December 28, 2007</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.46</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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>Series I Project Loan Mortgage, Assignment of Leases and Rents and Security Agreement, dated as of December 21, 2007, from Alexander&#146;s of Rego Park II, Inc., as Mortgagor, to PB Capital Corporation, as Administrative Agent for the Lenders. Incorporated herein by reference from Exhibit 10.5 to the registrants Current Report on Form 8-K, filed on December 31, 2007</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.47</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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>Series II Project Loan Mortgage, Assignment of Leases and Rents and Security  Agreement, dated as of December 21, 2007, from Alexander&#146;s of Rego Park II, Inc., as  Mortgagor, to PB Capital Corporation, as Administrative Agent for the Lenders.  Incorporated herein by reference from Exhibit 10.6 to the registrant&#146;s Current Report on  Form 8-K, filed on December 28, 2007</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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 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>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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'><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:right;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>___________________ <br>
            Incorporated by reference. <br>
            Management contract or compensatory agreement</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>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.28in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

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

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

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

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

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

<div title="EE+ Page Break" style="PAGE-BREAK-AFTER: always">

<hr noshade align="center" width="100%" size="2">
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><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 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>10.48</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 Completion, dated as of December 21, 2007, executed by Alexander&#146;s, Inc.  for the benefit of PB Capital Corporation, as Administrative Agent for itself and the other  Lenders Incorporated herein by reference from Exhibit 10.7 to the registrant&#146;s Current  Report on Form 8-K, filed on December 28, 2007</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.49</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 Payment, dated as of December 21, 2007, executed by Alexander&#146;s, Inc. for  the benefit of PB Capital Corporation, as Administrative Agent for itself and the other  Lenders. Incorporated herein by reference from Exhibit 10.8 to the registrant&#146;s Current  Report on Form 8-K, filed on December 28, 2007</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.50</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 to Amended and Restated Management and Development Agreement,  dated as of July 6, 2005, by and between Alexander&#146;s, Inc., the subsidiaries party thereto  and Vornado Management Corp.  Incorporated herein by reference from Exhibit 10.52 to  the registrant&#146;s Annual Report on Form 10-K, for the year ended December 31, 2007, filed  on February 25, 2008</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.51</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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>Second Amendment to Amended and Restated Management and Development  Agreement, dated as of December 20, 2007, by and between Alexander&#146;s, Inc., the  subsidiaries party thereto and Vornado Management Corp.  Incorporated herein by  reference from Exhibit 10.53 to the registrant&#146;s Annual Report on Form 10-K, for the year  ended December 31, 2007, filed on February 25, 2008</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.52</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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>Rego II Management and Development Agreement, dated as of December 20, 2007, by  and between Alexander&#146;s of Rego Park II, Inc., and Vornado Realty L.P. Incorporated  herein by reference from Exhibit 10.54 to the registrant&#146;s Annual Report on Form 10-K,  for the year ended December 31, 2007, filed on February 25, 2008</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.53</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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>Third Amendment to Real Estate Retention Agreement, dated as of December 20, 2007,  by and between Alexander&#146;s, Inc., and Vornado Realty L.P.  Incorporated herein by  reference from Exhibit 10.55 to the registrant&#146;s Annual Report on Form 10-K, for the year  ended December 31, 2007, filed on February 25, 2008</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.54</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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>Rego II Real Estate Retention Agreement, dated as of December 20, 2007, by and  between Alexander&#146;s, Inc., and Vornado Realty L.P.  Incorporated herein by reference  from Exhibit 10.56 to the registrant&#146;s Annual Report on Form 10-K, for the year ended December 31, 2007 filed on February 25, 2008</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.55</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 March 10, 2009 between Alexander&#146;s Rego Park Shopping  Center Inc., as Borrower and U.S. Bank National Association, as Lender.  Incorporated herein  by reference from Exhibit 10.55 to the registrant&#146;s Quarterly Report on for 10-Q for the  quarter ended March 31, 2009, filed on May 4, 2009</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.56</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 Mortgage, Security Agreement, Fixture Filing and Assignment of Leases and Rentals by and between Alexander&#146;s Rego Shopping Center, Inc. as Borrower and U.S. Bank National Association as Lender, dated as of March 10, 2009.  Incorporated herein by reference from Exhibit 10.56 to the registrant&#146;s Quarterly Report on for 10-Q for the  quarter ended March 31, 2009, filed on May 4, 2009</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.57</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 Promissory Note dated as of March 10, 2009, by Alexander&#146;s Rego Shopping Center Inc., in favor of U.S. Bank National Association.  Incorporated herein by reference from Exhibit 10.57 to the registrant&#146;s Quarterly Report on for 10-Q for the quarter ended March 31, 2009, filed on May 4, 2009</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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=2>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.58</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 Pledge Agreement dated as of March 10, 2009, executed by Alexander&#146;s Rego Shopping  Center Inc. to and for the benefit of U.S. Bank National Association.  Incorporated herein by reference from Exhibit 10.58 to the registrant&#146;s Quarterly Report on for 10-Q for the quarter  ended March 31, 2009, filed on May 4, 2009</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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;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: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=2>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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'><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:right;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>___________________ <br>
            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=2>&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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;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: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=2>&nbsp;</font></p> </td> </tr></table>
</div>

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

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

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

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

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





<div align=center>

<table width="100%" 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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.59</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 February 7, 2005, by and between 731 Office One LLC, as Landlord, and Citibank, N.A., as Tenant.  Incorporated herein by reference from Exhibit 10.59 to the  registrant&#146;s Quarterly Report on for 10-Q for the quarter ended March 31, 2009, filed on May 4, 2009</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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td 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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.60</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 and Assumption and Consent Agreement, dated as of March 25, 2009, by and between 731 Office One LLC, as Landlord, Citicorp North America, Inc., as Assignor, and  Bloomberg L.P., as Assignee.  Incorporated herein by reference from Exhibit 10.60 to the  registrant&#146;s Quarterly Report on for 10-Q for the quarter ended March 31, 2009, filed on May 4, 2009</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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td 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>15.1</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 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>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td 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>31.1</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 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>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td 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>31.2</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 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>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td 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>32.1</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 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>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td 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>32.2</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>-</font></p> </td>
        <td 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 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=1>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td 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'><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:right;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=2>___________________ <br>
      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-indent:0.28in;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:left;'><font size=2>&nbsp;</font></p>

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

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

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

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

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


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




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<p style=' margin-bottom: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>August 2, 2009</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-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, 2009 and 2008, as indicated in our report dated August 2, 2009, (which report included an explanatory paragraph regarding the adoption of FASB Statement No. 160, </font><i><font size=2>Noncontrolling Interests in Consolidated Financial Statements); </font></i><font size=2>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:left;'><font size=2>We are aware that our reports referred to above, which were included in your Quarterly Reports on Form 10-Q for the quarter ended June 30, 2009 is incorporated by reference in the following registration statements of Alexander&#146;s, Inc.:</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>Registration Statement No. 333-151721 on Form S-8</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Amendment No. 1 to Registration Statement No. 33-155727 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>


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



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

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
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        <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>
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<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
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        <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>
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<div align=left>

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

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="250" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>August 3, 2009</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="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>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

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


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



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<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>ex312.htm
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<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>


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            <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>
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        <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>
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        <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>
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        <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>
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        <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>
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        <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>
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<div align=left>

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    <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>
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        <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>
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        <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>
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            <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>
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            <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>
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<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>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="292" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>August 3, 2009</font></p> </td> </tr>
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        <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>
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        <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>Executive Vice President and Chief Financial Officer</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<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>



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<TYPE>EX-32.1
<SEQUENCE>5
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<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:0.25in;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:0.25in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>The Quarterly Report on Form 10-Q for the quarter ended June 30, 2009</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>


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<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>August 3, 2009</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>

<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>



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<TYPE>EX-32.2
<SEQUENCE>6
<FILENAME>ex322.htm
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<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:0.25in;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:0.25in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:justify;'><font size=2>The Quarterly Report on Form 10-Q for the quarter ended June 30, 2009</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>August 3, 2009</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>

<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>



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