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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000003499-10-000006.txt : 20100503
<SEC-HEADER>0000003499-10-000006.hdr.sgml : 20100503
<ACCEPTANCE-DATETIME>20100503084402
ACCESSION NUMBER:		0000003499-10-000006
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20100331
FILED AS OF DATE:		20100503
DATE AS OF CHANGE:		20100503

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:		10789756

	BUSINESS ADDRESS:	
		STREET 1:		210 ROUTE 4 EAST
		CITY:			PARAMUS
		STATE:			NJ
		ZIP:			07652
		BUSINESS PHONE:		201-587-1000

	MAIL ADDRESS:	
		STREET 1:		210 ROUTE 4 EAST
		CITY:			PARAMUS
		STATE:			NJ
		ZIP:			07652
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>alex1q10q2010.htm
<TEXT>

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<P style="MARGIN: 6pt 0in 0in; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 13pt; LAYOUT-GRID-MODE: line" face="Times New Roman Bold">UNITED STATES</FONT></B></P>
<P style="MARGIN: 0in; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 13pt; LAYOUT-GRID-MODE: line" face="Times New Roman Bold">SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">WASHINGTON, DC 20549</FONT></B></P>
<P style="MARGIN: 12pt 0in 0in; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 14pt; LAYOUT-GRID-MODE: line" face="Times New Roman">FORM 10-Q</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mark one)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Wingdings>x</FONT></P>
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     <TD style="HEIGHT: 13.9pt" vAlign=top width="96%">
<P style="MARGIN: 0in; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman Bold">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">For the quarterly period ended:&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">March 31, 2010</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 3pt 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Or</FONT></B></P>
<P style="MARGIN: 3pt 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 504pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Wingdings>o</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">For the transition period from:</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>
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     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="14%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">to</FONT></B></P>
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     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=top width="25%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; TEXT-DECORATION: none" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
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<TABLE style="WIDTH: 553.649pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Commission File Number:</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">001-6064</FONT></B></P>
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<P style="MARGIN: 0in 159pt 0pt 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 6pt 0in 0in; TEXT-ALIGN: center"><U><FONT lang=EN-US style="FONT-SIZE: 13pt; LAYOUT-GRID-MODE: both; LETTER-SPACING: -0.1pt" face="Times New Roman Bold"><B>ALEXANDER&#146;S, INC.</B></FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">(Exact name of registrant as specified in its charter)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Delaware</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">51-0100517</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(State or other jurisdiction of incorporation or organization)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
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     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="47%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(I.R.S. Employer Identification Number)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">210 Route 4 East, Paramus, New Jersey</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">07652</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(Address of principal executive offices)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(Zip Code)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">(201) 587-8541</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">(Registrant&#146;s telephone number, including area code)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">N/A</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">(Former name, former address and former fiscal year, if changed since last report)</FONT></P>
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-INDENT: 27pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">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 lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Wingdings>x</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"> Yes &nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Wingdings>o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"> No</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">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 lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Wingdings>o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"> Yes &nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Wingdings>o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"> No</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">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 style="MARGIN-LEFT: 5.4pt; WIDTH: 93.24%; BORDER-COLLAPSE: collapse; HEIGHT: 43px" cellSpacing=0 cellPadding=0 border=0>
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<P style="MARGIN: 0in 0in 0pt 8pt; TEXT-INDENT: -5.4pt"><FONT style="FONT-SIZE: 10pt" face=Wingdings>o</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> Large Accelerated Filer</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt 2.5pt"><FONT style="FONT-SIZE: 10pt" face=Wingdings>x</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> Accelerated Filer</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 8pt"><FONT style="FONT-SIZE: 10pt" face=Wingdings>o</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> Non-Accelerated Filer (Do not check if smaller reporting company)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt 2.5pt"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Wingdings>o</FONT><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"> Smaller Reporting Company</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Wingdings>o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"> Yes&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Wingdings>x</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"> No</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">As of March 31, 2010, there were 5,105,936 shares of common stock, par value $1 per share, outstanding.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ALEXANDER&#146;S, INC.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">INDEX</FONT></B></P>
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<P style="MARGIN: 0in"><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Page Number</FONT></U></P>
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<P style="MARGIN: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">PART I.</FONT></B></P>
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<P style="MARGIN: 0in"><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Financial Information</FONT></U></B></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 1.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 8.65pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Financial Statements:</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt; TEXT-INDENT: -9pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Consolidated Balance Sheets (Unaudited) as of <BR>
March 31, 2010 and December 31, 2009</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">3</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt 17.9pt; TEXT-INDENT: -9.25pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Consolidated Statements of Income (unaudited) for the <BR>
Three Months Ended March 31, 2010 and 2009</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">4</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt; TEXT-INDENT: -9pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Consolidated Statements of Changes in Equity (Unaudited) for the <BR>
Three Months Ended March 31, 2010 and 2009</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt; TEXT-INDENT: -9pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Consolidated Statements of Cash Flows (Unaudited) for the<BR>
Three Months Ended March 31, 2010 and 2009</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">6</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt; TEXT-INDENT: -9pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Notes to Consolidated Financial Statements (Unaudited)</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">7</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 8.65pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt; TEXT-INDENT: -9pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Report of Independent Registered Public Accounting Firm</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">13</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 2.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt; TEXT-INDENT: -9pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Management&#146;s Discussion and Analysis of<BR>
Financial Condition and Results of Operations</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">14</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 3.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt; TEXT-INDENT: -9pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Quantitative and Qualitative Disclosures about Market Risk&nbsp;&nbsp; </FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">19</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 4.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt; TEXT-INDENT: -9pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Controls and Procedures&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">20</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 34.55pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">PART II.</FONT></B></P>
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<P style="MARGIN: 0in"><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Other Information</FONT></U></B></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 1.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt; TEXT-INDENT: -9pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Legal Proceedings</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">21</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 1A.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 8.65pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Risk Factors</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">21</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 2.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 8.65pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Unregistered Sales of Equity Securities and Use of Proceeds </FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">21</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 3.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 8.65pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Defaults Upon Senior Securities</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">21</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 5.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 8.65pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Other Information</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">21</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Item 6.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 17.3pt; TEXT-INDENT: -9pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Exhibits</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">21</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Signatures&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">22</FONT></P>
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<P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Exhibit Index</FONT></P>
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<P style="MARGIN: 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">23</FONT></P>
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<P style="TEXT-ALIGN: center">2</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">PART I. FINANCIAL INFORMATION</FONT></B></P>
<P style="MARGIN: 0in 0in 6pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Item 1.&nbsp;&nbsp;&nbsp; </FONT></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Financial Statements</FONT></I></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ALEXANDER&#146;S, INC. AND SUBSIDIARIES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">CONSOLIDATED BALANCE SHEETS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(UNAUDITED)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(Amounts in thousands, except share and per share amounts)</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
<DIV align=center>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">ASSETS</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="11%" colSpan=2>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">March 31,<BR>
2010</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="12%" colSpan=2>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">December 31,<BR>
2009</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Real estate, at cost:</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><B><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 35pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Land</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">74,974</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">74,974</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 35pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Buildings, leaseholds and leasehold improvements</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">869,450</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">832,761</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 35pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Construction in progress </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">95,481</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">117,499</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 50pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Total</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">1,039,905</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">1,025,234</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 35pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Accumulated depreciation and amortization</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">(138,068</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">(132,386</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">)</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Real estate, net</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">901,837</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">892,848</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Cash and cash equivalents</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">429,519</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">412,734</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Short-term investments</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">15,000</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">40,000</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Restricted cash</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">88,158</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">91,484</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Accounts receivable, net of allowance for doubtful accounts of $2,273 and $1,736, respectively</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">2,847</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">2,159</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Receivable arising from the straight-lining of rents</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">164,923</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">160,498</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Deferred lease and other property costs, net (including unamortized leasing fees to Vornado<BR>
of $50,812 and $50,713, respectively)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">70,895</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">71,285</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Deferred debt issuance costs, net of accumulated amortization of $16,203 and <BR>
$15,349, respectively</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">10,677</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">11,616</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Other assets</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">11,976</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">21,145</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><B><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Total assets</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">1,695,832</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">1,703,769</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><B><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%"><B><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman"><BR clear=all>
</FONT></B>
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">LIABILITIES AND STOCKHOLDERS&#146; EQUITY</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Debt</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">1,253,369</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">1,278,964</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Amounts due to Vornado</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">58,660</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">56,666</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Accounts payable and accrued expenses</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">45,570</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">45,208</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Liability for income taxes and other</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">8,491</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">8,305</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -4.25pt"><B><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Total liabilities</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">1,366,090</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">1,389,143</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><B><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Commitments and contingencies</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><B><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Stockholders&#146; equity:</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Preferred stock: $1.00 par value per share; authorized, 3,000,000 shares; issued and <BR>
outstanding, none</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Common stock: $1.00 par value per share; authorized, 10,000,000 shares; issued, <BR>
5,173,450 shares; outstanding 5,105,936 </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">5,173</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">5,173</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Additional capital</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">31,501</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">31,501</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Retained earnings </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">291,035</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">275,921</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">327,709</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">312,595</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Treasury stock: 67,514 shares, at cost</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">(375</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">(375</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">)</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -5pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Total Alexander&#146;s equity</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">327,334</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">312,220</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Noncontrolling interest in consolidated subsidiary</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">2,408</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">2,406</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 15pt"><B><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Total equity</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">329,742</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">314,626</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><B><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">Total liabilities and stockholders&#146; equity</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">1,695,832</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">1,703,769</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="74%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9.5pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">See notes to consolidated financial statements (unaudited).</FONT></P>
<P style="TEXT-ALIGN: center">3</P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name=page_4></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ALEXANDER&#146;S, INC. AND SUBSIDIARIES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">CONSOLIDATED STATEMENTS OF INCOME</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(UNAUDITED)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(Amounts in thousands, except per share amounts)</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
<DIV align=center>
<TABLE style="WIDTH: 561pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%" colSpan=5>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Three Months Ended <BR>
March 31,</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2010</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2009</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">REVENUES:</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 35pt; TEXT-INDENT: -25pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Property rentals</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">40,215</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">36,197</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 35pt; TEXT-INDENT: -25pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Expense reimbursements</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">18,329</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">16,893</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Total revenues</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">58,544</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">53,090</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">EXPENSES:</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 35pt; TEXT-INDENT: -25pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Operating (including fees to Vornado of $1,242 and $1,232, respectively)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">19,056</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">19,035</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">General and administrative (including a reversal of stock appreciation rights (&#147;SARs&#148;)<BR>
expense of $34,275 in 2009, and management fees to Vornado of $540 in each period)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">1,124</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(31,684</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 35pt; TEXT-INDENT: -25pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Depreciation and amortization</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">7,447</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5,717</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Total expenses</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">27,627</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(6,932</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 83%; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">OPERATING INCOME </FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">30,917</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">60,022</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 35pt; TEXT-INDENT: -25pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Interest and other income, net</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">283</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">964</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 35pt; TEXT-INDENT: -25pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Interest and debt expense </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(14,746</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(14,896</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 35pt; TEXT-INDENT: -25pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Net loss on early extinguishment of debt</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(1,238</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="LINE-HEIGHT: 83%"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&#151;</FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 35pt; TEXT-INDENT: -25pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Income before income taxes</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">15,216</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">46,090</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 35pt; TEXT-INDENT: -25pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Income tax expense of taxable REIT subsidiary</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(100</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(88</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Net income </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">15,116</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">46,002</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Net (income) loss attributable to the noncontrolling interest</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(2</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; LINE-HEIGHT: 83%; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">52</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Net income attributable to Alexander&#146;s</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">15,114</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">46,054</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 6.75pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.75pt" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.75pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.75pt" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.75pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.75pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.75pt" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6.75pt" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 35pt; TEXT-INDENT: -35pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Net income per common share &#150; basic</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2.96</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">9.04</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Weighted average shares</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5,106</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5,097</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: windowtext 2pt double; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; BORDER-TOP: windowtext 2pt double; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 35pt; TEXT-INDENT: -35pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Net income per common share &#150; diluted</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2.96</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">9.03</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="76%">
<P style="MARGIN: 2pt 0in 0in 35pt; TEXT-INDENT: -35pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Weighted average shares</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5,106</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5,103</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR height=0>
     <TD width="76%"></TD>
     <TD width="2%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="2%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="1%"></TD>
     <TD width="1%"></TD></TR></TABLE></DIV> <H1 style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></B></H1> <H1 style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></B></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">See notes to consolidated financial statements (unaudited).</FONT></P>
<P style="TEXT-ALIGN: center">4</P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_5"></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ALEXANDER&#146;S, INC. AND SUBSIDIARIES</FONT></B><FONT lang=EN-US style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"> <BR>
</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY<BR>
(UNAUDITED)<BR>
</FONT></B><FONT lang=EN-US style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">(Amounts in thousands)<BR>
<BR>
</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></B>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
<TR style="page-break-inside: avoid">
     <TD vAlign=bottom width="19%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">(Amounts in thousands)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="16%" colSpan=4>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Common Stock</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Additional</FONT></B></P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Retained</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Treasury</FONT></B></P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="9%" colSpan=4>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Alexander&#146;s</FONT></B></P>
</TD>
     <TD vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="10%" colSpan=3>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Non-<BR>
controlling</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="6%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Total</FONT></B></P>
</TD>
     <TD width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD vAlign=bottom width="19%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Shares</FONT></B></P>
</TD>
     <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="6%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Amount</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Capital</FONT></B></P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Earnings</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Stock</FONT></B></P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%" colSpan=4>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Equity</FONT></B></P>
</TD>
     <TD vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="10%" colSpan=3>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Interest</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="6%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 8.5pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Equity</FONT></B></P>
</TD>
     <TD width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="19%">
<P style="MARGIN: 2pt 0in 0in 8.15pt; TEXT-INDENT: -8.15pt"><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Balance, December 31, 2008</FONT></B></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">5,173</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="6%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">5,173</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">30,647</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">143,731</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">(455</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">)</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccffff" vAlign=bottom width="8%" colSpan=3>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">179,096</FONT></P>
</TD>
     <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccffff" vAlign=top width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccffff" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">1,655</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #ccffff" vAlign=bottom width="5%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">180,751</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD vAlign=bottom width="19%">
<P style="MARGIN: 2pt 0in 0in 8.15pt; TEXT-INDENT: -8.15pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Net income (loss)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="6%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">46,054</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=top width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="8%" colSpan=3>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">46,054</FONT></P>
</TD>
     <TD vAlign=top width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">(52</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">46,002</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="19%">
<P style="MARGIN: 2pt 0in 0in 8.15pt; TEXT-INDENT: -8.15pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Common shares issued under<BR>
option plan</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="6%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">854</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">80</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=top width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%" colSpan=3>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">934</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=top width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="5%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">934</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD vAlign=bottom width="19%">
<P style="MARGIN: 2pt 0in 0in 9.4pt; TEXT-INDENT: -8.1pt"><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Balance, March 31, 2009</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">5,173</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="6%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">5,173</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">31,501</FONT></P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">189,785</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">(375</FONT></P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="8%" colSpan=3>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">226,084</FONT></P>
</TD>
     <TD vAlign=top width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">1,603</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="5%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">227,687</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="19%">
<P style="MARGIN: 2pt 0in 0in 8.15pt; TEXT-INDENT: -8.15pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="6%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=top width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="8%" colSpan=3>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=top width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="5%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD vAlign=bottom width="19%">
<P style="MARGIN: 2pt 0in 0in 8.15pt; TEXT-INDENT: -8.15pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="6%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=top width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="8%" colSpan=3>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=top width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="19%">
<P style="MARGIN: 2pt 0in 0in 8.15pt; TEXT-INDENT: -8.15pt"><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Balance, December 31, 2009</FONT></B></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">5,173</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="6%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">5,173</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">31,501</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">275,921</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">(375</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">)</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="8%" colSpan=3>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">312,220</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=top width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">2,406</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="5%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">314,626</FONT></P>
</TD>
     <TD style="BACKGROUND: #ccffff" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD vAlign=bottom width="19%">
<P style="MARGIN: 2pt 0in 0in 8.15pt; TEXT-INDENT: -8.15pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Net income</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="6%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">15,114</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=top width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%" colSpan=3>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">15,114</FONT></P>
</TD>
     <TD vAlign=top width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">2</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="5%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">15,116</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD vAlign=bottom width="19%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Balance, March 31, 2010</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">5,173</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="6%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">5,173</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">31,501</FONT></P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">291,035</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="7%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">(375</FONT></P>
</TD>
     <TD vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">)</FONT></P>
</TD>
     <TD vAlign=top width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="8%" colSpan=3>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">327,334</FONT></P>
</TD>
     <TD vAlign=top width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="2%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="9%" colSpan=2>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">2,408</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="5%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">329,742</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR height=0>
     <TD width="19%"></TD>
     <TD width="1%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="1%"></TD>
     <TD width="2%"></TD>
     <TD width="7%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="2%"></TD>
     <TD width="1%"></TD>
     <TD width="3%"></TD>
     <TD width="2%"></TD>
     <TD width="3%"></TD>
     <TD width="1%"></TD>
     <TD width="1%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="2%"></TD>
     <TD width="1%"></TD>
     <TD width="1%"></TD>
     <TD width="5%"></TD>
     <TD width="1%"></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">See notes to consolidated financial statements (unaudited).</FONT></P>
<P style="TEXT-ALIGN: center">5</P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_6"></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ALEXANDER&#146;S, INC. AND SUBSIDIARIES</FONT></B><FONT lang=EN-US style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"><BR>
CONSOLIDATED STATEMENTS OF CASH FLOWS<BR>
(UNAUDITED)<BR>
</FONT></B><FONT lang=EN-US style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">(Amounts in thousands)</FONT></P>
<DIV align=left>
<DIV align=center>
<TABLE style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; WIDTH: 95%; BORDER-BOTTOM: medium none; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="23%" colSpan=5>
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Three Months Ended</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="23%" colSpan=5>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">March 31,</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Cash Flows from Operating Activities:</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=2>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2010</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=2>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2009</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Net income</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">15,116</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">46,002</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Adjustments to reconcile net income to net cash provided by operating activities:</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 35.55pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Depreciation and amortization (including amortization of debt issuance costs)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">8,301</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">6,411</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 35.55pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Straight-lining of rental income</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(4,425</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(2,579</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Liability for stock appreciation rights</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(34,275</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Other non-cash adjustments</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">1,884</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Change in operating assets and liabilities:</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Accounts receivable, net</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(584</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">3,331</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Other assets</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">9,125</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">244</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Amounts due to Vornado</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">880</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">44</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Accounts payable and accrued expenses</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(4,207</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">6,904</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: 1.8pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Income tax liability of taxable REIT subsidiary</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">194</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">649</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Payment for stock appreciation rights</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(22,838</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Other liabilities</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(8</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(15</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Net cash provided by operating activities</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">24,392</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5,762</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both; LETTER-SPACING: 0pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; LETTER-SPACING: 0pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Cash Flows from Investing Activities:</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both; LETTER-SPACING: 0pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; LETTER-SPACING: 0pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Proceeds from maturing short-term investments</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">25,000</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Construction in progress and real estate additions</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(10,338</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(21,771</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Restricted cash</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">3,326</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(83,931</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Net cash provided by (used in) investing activities</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">17,988</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(105,702</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Cash Flows from Financing Activities:</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Proceeds from borrowings</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5,892</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">91,632</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Debt repayments</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(31,487</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(82,150</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Exercise of stock options</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">934</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Debt issuance costs</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(151</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Net cash (used in) provided by financing activities</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(25,595</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">10,265</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Net increase (decrease) in cash and cash equivalents</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">16,785</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(89,675</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Cash and cash equivalents at beginning of period</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">412,734</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">515,940</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Cash and cash equivalents at end of period</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">429,519</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">426,265</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
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<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
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<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Supplemental Disclosure of Cash Flow Information:</FONT></B></P>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 34.3pt; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Cash payments for interest (of which $665 and $2,270 have been capitalized)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">13,441</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">15,056</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 34.3pt; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Cash payments for income taxes</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">57</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Non-cash Transactions:</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 34.3pt; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Non-cash additions to real estate included in accounts payable and other assets</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">4,569</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2,500</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="75%">
<P style="MARGIN: 2pt 0in 0in 34.3pt; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Write-off of fully depreciated assets</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">527</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="8%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">6,106</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></DIV></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">See notes to consolidated financial statements (unaudited).</FONT></P>
<P style="TEXT-ALIGN: center">6</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ALEXANDER&#146;S, INC. AND SUBSIDIARIES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(UNAUDITED)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organization</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">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; &#147;Company&#148; and &#147;Alexander&#146;s&#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: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis of Presentation</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The accompanying consolidated financial statements are unaudited and include our accounts and those of our consolidated subsidiaries.&nbsp; All significant inter-company amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in 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&nbsp;States of America (&#147;GAAP&#148;) have been condensed or omitted.&nbsp; We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue
s and expenses during the reporting periods. &nbsp;Actual results could differ from those estimates.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the &#147;SEC&#148;) and 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, 2009, as filed with the SEC.&nbsp; The results of operations for the three months ended March 31, 2010 are not necessarily indicative of the operating results for the full year.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We currently operate in one business segment.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<H3 style="MARGIN: 0in 0in 12pt; PAGE-BREAK-AFTER: auto"><B><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recently Issued Accounting Literature</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face="Times New Roman">On January 21, 2010, the Financial Accounting Standards Board (&#147;FASB&#148;) issued an update to Accounting Standards Codification (&#147;ASC&#148;) 820, </FONT><I><FONT lang=EN-GB style="FONT-SIZE: 10pt" face="Times New Roman">Fair Value Measurements and Disclosures</FONT></I><FONT lang=EN-GB style="FONT-SIZE: 10pt" face="Times New Roman">, adding new requirements for disclosures about transfers into and out of Levels 1 and 2 fair value measurements and additional disclosures about the activity within Level 3 fair value measurements.&nbsp; The&nbsp;retrospective application&nbsp;of this guidance on January 1, 2010 did not have any effect on our consolidated financial statements.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On June 12, 2009, the FASB issued an update to ASC&nbsp;810, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Consolidation</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, which modifies the existing quantitative guidance used in determining the primary beneficiary of a variable interest entity (&#147;VIE&#148;) by requiring entities 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; The adoption of this guidance on January 1, 2010 did not have any effect on our consolidated financial statements.</FONT></P>
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<P style="TEXT-ALIGN: center">7</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ALEXANDER&#146;S, INC. AND SUBSIDIARIES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(UNAUDITED)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp; Relationship with Vornado </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">At March 31, 2010, Vornado owned 32.4% of our outstanding common stock.&nbsp; 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: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt; TEXT-ALIGN: justify"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Management and Development Agreements</FONT></U></I></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">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) $248,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">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.&nbsp; The development fee for the Rego Park II project (see Note 5) is estimated to be approximately $17,500,000, of which $3,599,000 has been paid as of March 31, 2010.&nbsp; The remainder is due on substantial completion of the construction, as defined.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt; TEXT-ALIGN: justify"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Leasing Agreements</FONT></U></I><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal; LETTER-SPACING: -0.1pt" face="Times New Roman"> </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">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. &nbsp;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.&nbsp; 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.&nbsp; 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% (1.99% at March 31, 2010).</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt; TEXT-ALIGN: justify"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Other Agreements </FONT></U></I></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">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%.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following is a summary of fees to Vornado that were incurred under the agreements discussed above.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<TABLE style="MARGIN-LEFT: 0pt; WIDTH: 78%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
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<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">(Amounts in thousands)</FONT></P>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Three Months Ended<BR>
March 31, </FONT></B></P>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt; TEXT-ALIGN: left" align=left><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
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<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2010</FONT></B></P>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="14%" colSpan=2>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2009</FONT></B></P>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.65pt; page-break-inside: avoid">
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<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Company management fees</FONT></P>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
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<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">750</FONT></P>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">750</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.65pt; page-break-inside: avoid">
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<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Development fees</FONT></P>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">855</FONT></P>
</TD>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">1,233</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.65pt; page-break-inside: avoid">
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<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Leasing fees</FONT></P>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">1,333</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">484</FONT></P>
</TD>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.65pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="69%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Property management fees and payments for cleaning, engineering<BR>
and security services</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 8.65pt" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">1,032</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 8.65pt" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">1,022</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.65pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="69%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -15pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double; HEIGHT: 8.65pt" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">3,970</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double; HEIGHT: 8.65pt" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">3,489</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.65pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">At March 31, 2010, we owed Vornado $42,190,000 for leasing fees, $14,627,000 for the earned portion of the Rego II development fee and $1,843,000 for management, property management and cleaning fees.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center">8</P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name=page_9></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ALEXANDER&#146;S, INC. AND SUBSIDIARIES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">(UNAUDITED)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">5.&nbsp;&nbsp;&nbsp; Rego Park II Project</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Rego Park II property, a newly developed 600,000 square foot&nbsp;center, is located adjacent to our Rego Park I property in Queens, New York.&nbsp; As of March 31, 2010, 74% of the shopping center is in service and such portion is 100% leased, primarily to three anchor tenants: a 137,000 square foot Costco, a 134,000 square foot Century 21 and a 132,000 square foot Kohl&#146;s.&nbsp; On April 5, 2010, 47,000 square feet was leased to Toys &#147;R&#148; Us/Babies &#147;R&#148; Us, a one-third owned affiliate of Vornado.&nbsp; The shopping center contains a parking deck (1,400 spaces) that provides paid parking.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of March 31, 2010, $379,000,000 was expended under the total construction budget of $410,000,000.&nbsp; $272,302,000 was drawn on the construction loan, which has an interest rate of LIBOR plus 1.20% (1.45% at March 31, 2010) and matures in December 2010 with a one-year extension option.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">6.&nbsp;&nbsp;&nbsp; Fair Value</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ASC 820, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Fair Value Measurement and Disclosures </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">defines fair value and establishes a framework for measuring fair value.&nbsp; The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price).</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 &#150; quoted prices (unadjusted) in active markets that are accessible at
 the measurement date for assets or liabilities; Level 2 &#150; observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 &#150; unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Financial assets measured at fair value in our consolidated financial statements consist solely of short-term investments (CDARS classified as available-for-sale) Financial assets measured at fair value as of March 31, 2010 and December 31, 2009 are presented in the table below based on their level in the fair value hierarchy.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 564pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="43%" colSpan=7>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">As of March 31, 2010</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="Times New Roman">&nbsp;(Amounts in thousands)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Total</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Level 1</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Level 2</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Level 3</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">
<P style="MARGIN: 2pt 0in 0in 19.2pt; TEXT-INDENT: -10pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Short-term investments</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">15,000</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">15,000</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR height=0>
     <TD width="39%"></TD>
     <TD width="2%"></TD>
     <TD width="11%"></TD>
     <TD width="4%"></TD>
     <TD width="12%"></TD>
     <TD width="3%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="3%"></TD>
     <TD width="2%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 564pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="43%" colSpan=7>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">As of December 31, 2009</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="Times New Roman">&nbsp;(Amounts in thousands)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Total</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Level 1</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Level 2</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Level 3</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">
<P style="MARGIN: 2pt 0in 0in 19.2pt; TEXT-INDENT: -10pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Short-term investments</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">40,000</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">40,000</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR height=0>
     <TD width="39%"></TD>
     <TD width="2%"></TD>
     <TD width="11%"></TD>
     <TD width="4%"></TD>
     <TD width="12%"></TD>
     <TD width="3%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="3%"></TD>
     <TD width="2%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center">9</P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_10"></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ALEXANDER&#146;S, INC. AND SUBSIDIARIES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">(UNAUDITED)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">7.&nbsp;&nbsp;&nbsp; Debt</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following is a summary of our outstanding debt.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 99.34%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 14pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14pt" vAlign=bottom width="39%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14pt" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14pt" vAlign=bottom width="16%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14pt" vAlign=bottom width="28%" colSpan=5>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Balance at </FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 14pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.05pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.05pt" vAlign=bottom width="39%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 8.5pt" face="Times New Roman">(Amounts in thousands)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.05pt" vAlign=bottom width="12%">
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Maturity</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.05pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.05pt" vAlign=bottom width="16%">
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Interest Rate at<BR>
March 31, 2010</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.05pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.05pt" vAlign=bottom width="13%" colSpan=2>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">March 31,<BR>
2010</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.05pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.05pt" vAlign=bottom width="14%" colSpan=2>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">December 31,<BR>
&nbsp;2009</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.05pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 23.85pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="39%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$350,000 construction loan, secured by the <BR>
Rego Park II Shopping Center</FONT><SUP><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">(1)</FONT></B></SUP></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Dec. 2010</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="16%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">1.45%</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">272,302</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">266,411</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 0.2in; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="39%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">First mortgage, secured by the Kings Plaza <BR>
Regional Shopping Center </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Jun. 2011</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="16%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">7.46%</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">154,651</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><SUP><FONT style="FONT-SIZE: 9pt" face="Times New Roman">(2)</FONT></SUP></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">183,318</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 0.2in; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="39%">
<P style="MARGIN: 2pt 0in 0in; TEXT-INDENT: 2.25pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">First mortgage, secured by the Paramus property</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Oct. 2011</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="16%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">5.92%</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">68,000</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">68,000</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 0.2in; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="39%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">First mortgage, secured by the Rego Park I <BR>
Shopping Center (100% cash collateralized)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Mar. 2012</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="16%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">0.75%</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">78,246</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">78,246</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.2in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 23.85pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="39%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">First mortgage, secured by the office space <BR>
at the Lexington Avenue property</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Feb. 2014</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="16%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">5.33%</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">360,170</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">362,989</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 23.85pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.6pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.6pt" vAlign=bottom width="39%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">First mortgage, secured by the retail space <BR>
at the Lexington Avenue property</FONT><SUP><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">(3)</FONT></B></SUP></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.6pt" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Jul. 2015</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.6pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.6pt" vAlign=bottom width="16%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">4.93%</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.6pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.6pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.6pt" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">320,000</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.6pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><SUP><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></SUP>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.6pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.6pt" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">320,000</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.6pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><SUP><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></SUP>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.6pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.6pt" vAlign=bottom width="39%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.6pt" vAlign=bottom width="12%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.6pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.6pt" vAlign=bottom width="16%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.6pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.6pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double; HEIGHT: 12.6pt" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">1,253,369</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.6pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
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<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">1,278,964</FONT></P>
</TD>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 1pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">_____________________________</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">This loan bears interest at LIBOR plus 1.20% and has a one-year extension option.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">On March 5, 2010, we acquired $27,500 of this debt for $28,738 in cash, resulting in a $1,238 net loss on early extinguishment of debt. </FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">In the event of a substantial casualty, as defined, up to $75,000 of this loan may become recourse to us.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<H3 style="MARGIN: 0in 0in 12pt; PAGE-BREAK-AFTER: auto"><B><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability for Income Taxes</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of March 31, 2010 and December 31, 2009, $7,644,000 and $7,450,000, respectively, is included as a component of &#147;liability for income taxes and other,&#148; resulting from ASC 740, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Income Taxes</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, (&#147;ASC 740 Liability&#148;).&nbsp; If this liability were reversed, it would result in non-cash income and reduce our effective tax rate.&nbsp; The ASC 740 Liability includes $6,641,000 and $6,529,000 of accrued interest as of March 31, 2010 and December 31, 2009, respectively.&nbsp; In the three months ended March 31, 2010 and 2009, we recognized interest of $112,000 and $649,000 (shown as &#147;interest and debt expense&#148; rather than &#147;income tax expense,&#148;) respectively, related to the ASC 740 Liability. &nbs
p;$4,962,000 of the ASC 740 Liability would reverse in the third quarter of 2010 as a result of the expiration of the applicable statute of limitations.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of March 31, 2010, Taxable REIT Subsidiary (&#147;TRS&#148;) tax returns for the years 2003 through 2009 and REIT tax returns for the years 2006 through 2009 remain open to examination by the major taxing jurisdictions to which we are subject.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<H3 style="MARGIN: 0in 0in 12pt; PAGE-BREAK-AFTER: auto"><B><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Appreciation Rights (&#147;SARs&#148;)</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On March 2, 2009, Steven Roth, the Chairman of our Board of Directors and our Chief Executive Officer, and Michael Fascitelli, our President, each exercised 150,000 SARs, which were scheduled to expire on March 4, 2009.&nbsp; As a result of the March 2, 2009 exercises, $34,275,000 of previously accrued SARs compensation expense was reversed into income.&nbsp; As of March 31, 2010, there are no SARs outstanding.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center">10</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ALEXANDER&#146;S, INC. AND SUBSIDIARIES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(UNAUDITED)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
<H3 style="MARGIN: 0in 0in 12pt; PAGE-BREAK-AFTER: auto"><B><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;Commitments and Contingencies</FONT></B></H3>
<P style="MARGIN: 0in 0in 12pt"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Insurance</FONT></U></I></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We maintain general liability with limits of $300,000,000 per occurrence and in the aggregate and all-risk property and rental value insurance coverage with limits of $1.7 billion per occurrence, including coverage for terrorist acts, with sub-limits for certain perils such as floods and earthquakes on each of our properties.&nbsp; There can be no assurance that we will be able to maintain similar levels of insurance coverage in the future in amounts and on terms that are commercially reasonable.&nbsp; We are responsible for deductibles and losses in excess of our insurance coverage, which could be material.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our mortgage loans are non-recourse to us, except for $75,000,000 of the $320,000,000 mortgage on our 731 Lexington Avenue property, in the event of a substantial casualty, as defined.&nbsp; Our mortgage loans contain customary covenants requiring us to maintain insurance.&nbsp; 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: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 12pt"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Environmental Remediation</FONT></U></I></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In July 2006, we discovered an oil spill at our Kings Plaza Regional Shopping Center.&nbsp; 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.&nbsp; The estimated costs associated with the clean up will aggregate approximately $2,500,000.&nbsp; We have paid $500,000 of such amount and the remainder is covered under our insurance policy.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Flushing Property</FONT></U></I></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">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. &nbsp;In our opinion, after consultation with legal counsel, we do not believe the party is entitled to eith
er specific performance or a return of the deposit and we are defending against the action.&nbsp; Accordingly, we have not recorded a loss contingency for this matter.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Paramus</FONT></U></I></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2001 we leased 30.3 acres of land located in Paramus, New Jersey to IKEA Property, Inc. The lease has a 40-year term with a purchase option in 2021 for $75,000,000. We have a $68,000,000 interest only, non-recourse mortgage loan on the property from a third party lender. The fixed interest rate on the debt is 5.92% with interest payable monthly until maturity in October 2011. The annual triple-net rent is the sum of $700,000 plus the amount of debt service on the mortgage loan. If the purchase option is exercised, we will receive net cash proceeds of approximately $7,000,000 and recognize a gain on sale of land of approximately $62,000,000. If the purchase option is not exercised, the triple-net rent for the last 20 years must include the debt service sufficient to fully amortize $68,000,000 over the remaining 20-year lease term.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Letters of Credit</FONT></U></I></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Approximately $7,998,000 of standby letters of credit were issued and outstanding as of March 31, 2010.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Other</FONT></U></I></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">There are various other legal actions against us in the ordinary course of business.&nbsp; 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.&nbsp; </FONT></P>
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<P style="TEXT-ALIGN: center">11</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ALEXANDER&#146;S, INC. AND SUBSIDIARIES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(UNAUDITED)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;</FONT></P>
<H3 style="MARGIN: 0in 0in 12pt; PAGE-BREAK-AFTER: auto"><B><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income Per Share</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">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 income per share is determined using the weighted average shares of common stock outstanding during the period. Diluted income 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: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
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<TABLE style="WIDTH: 99.2%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
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<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B></P>
</TD>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
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<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Three Months Ended <BR>
March 31, </FONT></B></P>
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<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman">(Amounts in thousands, except share and per share amounts)</FONT></P>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
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<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2010</FONT></B></P>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
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<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2009</FONT></B></P>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 16.15pt; page-break-inside: avoid">
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<P style="MARGIN: 2pt 0in 0in 30pt; TEXT-INDENT: -24.6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Net income attributable to common stockholders &#150; basic and diluted</FONT></P>
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<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
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<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
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<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">15,114</FONT></P>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
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<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double; HEIGHT: 16.15pt" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">46,054</FONT></P>
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<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15.6pt; page-break-inside: avoid">
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<P style="MARGIN: 2pt 0in 0in 30pt; TEXT-INDENT: -13pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" vAlign=bottom width="10%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15.6pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" vAlign=bottom width="71%">
<P style="MARGIN: 2pt 0in 0in 30pt; TEXT-INDENT: -24.6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Weighted average shares outstanding &#150; basic</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" vAlign=bottom width="10%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5,105,936</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5,097,232</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.6pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.45pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.45pt" vAlign=bottom width="71%">
<P style="MARGIN: 2pt 0in 0in 30pt; TEXT-INDENT: -24.6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Dilutive effect of stock options</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.45pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.45pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 13.45pt" vAlign=bottom width="10%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.45pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.45pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 13.45pt" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5,594</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.45pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.9pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.9pt" vAlign=bottom width="71%">
<P style="MARGIN: 2pt 0in 0in 30pt; TEXT-INDENT: -24.6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Weighted average shares outstanding &#150; diluted</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.9pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.9pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double; HEIGHT: 13.9pt" vAlign=bottom width="10%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5,105,936</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.9pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.9pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double; HEIGHT: 13.9pt" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5,102,826</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.9pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.7pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="71%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -13pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="10%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.45pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.45pt" vAlign=bottom width="71%">
<P style="MARGIN: 2pt 0in 0in 30pt; TEXT-INDENT: -24.6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Net income per common share &#150; basic</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.45pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.45pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double; HEIGHT: 13.45pt" vAlign=bottom width="10%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2.96</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.45pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.45pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double; HEIGHT: 13.45pt" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">9.04</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 13.45pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.7pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="71%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -13pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="10%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.7pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="71%">
<P style="MARGIN: 2pt 0in 0in 30pt; TEXT-INDENT: -24.6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Net income per common share &#150; diluted</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double; HEIGHT: 12.7pt" vAlign=bottom width="10%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2.96</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double; HEIGHT: 12.7pt" vAlign=bottom width="11%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">9.03</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.7pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="71%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -13pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="10%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.7pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"> <H1 style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B></H1>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">To the Board of Directors and Stockholders of </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Alexander&#146;s, Inc.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Paramus, New Jersey</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have reviewed the accompanying consolidated balance sheet of Alexander&#146;s, Inc. and subsidiaries (the &#147;Company&#148;) as of March 31, 2010, and the related consolidated statements of income, changes in equity and cash flows for the three-month period then ended.&nbsp; These interim financial statements are the responsibility of the Company&#146;s management.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">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, 2009, and the related consolidated statements of operations, stockholders&#146; equity, and cash flows for the year then ended (not presented herein); and in our report dated February 22, 2010, 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, 2009 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">/s/ DELOITTE &amp; TOUCHE LLP</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Parsippany, New Jersey<BR>
May 3, 2010</FONT></P>
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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"> <H1 style="MARGIN: 0in 0in 0pt 45pt; TEXT-INDENT: -45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">ITEM 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></B></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">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.&nbsp; Forward-looking statements are not guarantees of future performance.&nbsp; They involve risks, uncertainties and assumptions.&nbsp; Our future results, financial condition, results of operations and business may differ materially from those expressed in these forward-looking statements.&nbsp; 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&#8209;Q.&nbsp; We also note the follo
wing forward-looking statements:&nbsp; in the case of our development project, the estimated completion date, estimated project costs and costs to complete.&nbsp; These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties.&nbsp; Many of the factors that will determine these items are beyond our ability to control or predict.&nbsp; 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&#8209;K.&nbsp; 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.&nbsp; 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.&nbsp; All subse
quent 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.&nbsp; 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: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations includes a discussion of our consolidated financial statements for the three months ended March 31, 2010 and 2009. 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>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">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 properties.&nbsp; All references to &#147;we,&#148; &#147;us,&#148; &#147;our,&#148; &#147;Company,&#148; and &#147;Alexander&#146;s&#148;, refer to Alexander&#146;s, Inc. and its consolidated subsidiaries.&nbsp; We are managed by, and our properties are leased and developed by, Vornado Realty Trust (&#147;Vornado&#148;) (NYSE: VNO).&nbsp; We have seven properties in the greater New York City metropolitan area.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We compete with a large number of property owners and developers.&nbsp; Our success depends upon, among other factors, trends of national and local economies, the financial condition and operating results of current and prospective tenants, the availability and cost of capital, interest rates, construction and renovation costs, taxes, governmental regulations and legislation, population trends, zoning laws, and our ability to lease, sublease or sell our properties, at profitable levels.&nbsp; Our success is also subject to our ability to refinance existing debt as it comes due and on acceptable terms.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The economic recession and illiquidity and volatility in the financial and capital markets during 2008 and 2009 have negatively affected substantially all businesses, including ours.&nbsp; Although signs of a recovery in 2010 have emerged, it is not possible for us to quantify the timing and impact of such a recovery, or lack thereof, on our future financial results.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Critical Accounting Policies </FONT></B></H1>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">A summary of our critical accounting policies is included in our Annual Report on Form 10-K for the year ended December 31, 2009 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.&nbsp; There have been no significant changes to these policies during 2010.</FONT></P>
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<H1 style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Recently Issued Accounting Literature </FONT></B></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face="Times New Roman">On January 21, 2010, the Financial Accounting Standards Board (&#147;FASB&#148;) issued an update to Accounting Standards Codification (&#147;ASC&#148;) 820, </FONT><I><FONT lang=EN-GB style="FONT-SIZE: 10pt" face="Times New Roman">Fair Value Measurements and Disclosures</FONT></I><FONT lang=EN-GB style="FONT-SIZE: 10pt" face="Times New Roman">, adding new requirements for disclosures about transfers into and out of Levels 1 and 2 fair value measurements and additional disclosures about the activity within Level 3 fair value measurements.&nbsp; The&nbsp;retrospective application&nbsp;of this guidance on January 1, 2010 did not have any effect on our consolidated financial statements.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On June 12, 2009, the FASB issued an update to ASC&nbsp;810, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Consolidation</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, which modifies the existing quantitative guidance used in determining the primary beneficiary of a variable interest entity (&#147;VIE&#148;) by requiring entities 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; The adoption of this guidance on January 1, 2010 did not have any effect on our consolidated financial statements.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Significant Tenants</FONT></B></H1>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Bloomberg L.P. accounted for approximately 35% and 34% of our consolidated revenues in each of the three months ended March 31, 2010 and 2009, respectively. &nbsp;No other tenant accounted for more than 10% of our consolidated revenues.</FONT></P>
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<P style="TEXT-ALIGN: center">15</P>
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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"> <H1 style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Results of Operations for the Three Months Ended March 31, 2010 and 2009</FONT></B></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net income attributable to common stockholders for the quarter ended March 31, 2010 was $15,114,000, compared to $46,054,000 for the quarter ended March&nbsp;31, 2009. &nbsp;Net income for the quarter ended March 31, 2009 includes $34,275,000 for the reversal of SARs compensation expense. </FONT></P>
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<P style="MARGIN: 0in 0in 6pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Property Rentals</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Property rentals were $40,215,000 in the quarter ended March 31, 2010, compared to $36,197,000 in the prior year&#146;s quarter, an increase of $4,018,000.&nbsp; This increase was primarily attributable to our anchor tenants at the Rego Park II property, whose space was placed into service during the second quarter of 2009 and the first quarter of 2010. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Expense Reimbursements</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Tenant expense reimbursements were $18,329,000 in the quarter ended March 31, 2010, compared to $16,893,000 in the prior year&#146;s quarter, an increase of $1,436,000. This increase was primarily due to higher real estate taxes and reimbursable operating expenses and additional billings for&nbsp;Kings Plaza energy plant costs related to 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Operating Expenses</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Operating expenses were $19,056,000 in the quarter ended March 31, 2010, compared to $19,035,000 in the prior year&#146;s quarter, an increase of $21,000.&nbsp;&nbsp;This increase was&nbsp;comprised of (i) an increase in real estate taxes and reimbursable operating expenses of $532,000, partially offset by (ii) a decrease in bad debt expense of $326,000 and (iii) a decrease in non-reimbursable expenses of $185,000.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">General and Administrative Expenses</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">General and administrative expenses decreased by $60,000 from the prior year&#146;s quarter (excluding in the quarter ended March 31, 2009, $34,275,000 of income from the reversal of SARs compensation expense and $1,407,000 for the write-off of capitalized costs at our Flushing property).&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Depreciation and Amortization</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Depreciation and amortization was $7,447,000 in the quarter ended March 31, 2010, compared to $5,717,000 in the prior year&#146;s quarter, an increase of $1,730,000.&nbsp; This increase resulted primarily from depreciation on the portion of Rego Park II placed into service during the second quarter of 2009 and the first quarter of 2010.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Interest and Other Income, net</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Interest and other income, net was $283,000 in the quarter ended March 31, 2010, compared to $964,000 in the prior year&#146;s quarter, a decrease of $681,000. &nbsp;This decrease was primarily due to lower average yields on investments (0.15% in the quarter ended March 31, 2010 as compared to 0.58% in the prior year&#146;s quarter). </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Interest and Debt Expense</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Interest and debt expense was $14,746,000 in the quarter ended March 31, 2010, compared to $14,896,000 in the prior year&#146;s quarter, a decrease of $150,000. This decrease was primarily comprised of (i) a $978,000 decrease in interest from the refinancing of the Rego Park I mortgage loan in March 2009, (ii) a $537,000 decrease in interest on the income tax liability due to the $42,472,000 reversal of a portion of the liability in the prior year and (iii) a $308,000 decrease in interest from the purchases of our Kings Plaza debt in 2009 and 2010, partially offset by (iv) $1,605,000 of lower capitalized interest as a result of placing portions of the Rego Park II property into service during 2009 and 2010.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Net Loss on Early Extinguishment of Debt</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net loss on early extinguishment of debt was $1,238,000 in the three months ended March&nbsp;31, 2010 and resulted from the open market purchase of $27,500,000 of our Kings&nbsp;Plaza debt for $28,738,000 in cash.</FONT></P>
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<P style="MARGIN: 0in 0in 6pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Income Tax Expense of the Taxable REIT Subsidiary</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Income tax expense was $100,000 in the quarter ended March 31, 2010, compared to $88,000 in the prior year&#146;s quarter, an increase of $12,000.&nbsp;&nbsp; </FONT></P>
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<P style="MARGIN: 0in 0in 6pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Net (Income) Loss Attributable to the Noncontrolling Interest</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net income attributable to the noncontrolling interest was $2,000 in the quarter ended March 31, 2010, compared to net loss of $52,000 in the prior year&#146;s quarter, and represents our venture partner&#146;s 75% pro rata share of net income from our consolidated partially owned entity, the Kings Plaza energy plant joint venture.</FONT></P>
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<H1 style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Liquidity and Capital Resources</FONT></B></H1>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We anticipate that cash from operations, together with existing cash balances, will be adequate to fund our business operations, recurring capital expenditures, debt amortization and expected distributions to stockholders over the next twelve months.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">Development Projects</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.3in; TEXT-ALIGN: justify"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Rego Park II</FONT></U></I></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Rego Park II property, a newly developed 600,000 square foot shopping center, is located adjacent to our Rego Park I property in Queens, New York.&nbsp; As of March 31, 2010, 74% of the center is in service and $379,000,000 was expended under the total construction budget of $410,000,000.&nbsp; $272,302,000 was drawn on the construction loan, which has an interest rate of LIBOR plus 1.20% (1.45% at March 31, 2010) and matures in December 2010 with a one-year extension option.&nbsp; The estimated costs to complete this project are expected to be funded by the existing construction loan.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Insurance </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We maintain general liability with limits of $300,000,000 per occurrence and in the aggregate and all-risk property and rental value insurance coverage with limits of $1.7&nbsp;billion per occurrence, including coverage for terrorist acts, with sub-limits for certain perils such as floods and earthquakes on each of our properties.&nbsp; There can be no assurance that we will be able to maintain similar levels of insurance coverage in the future in amounts and on terms that are commercially reasonable.&nbsp; We are responsible for deductibles and losses in excess of our insurance coverage, which could be material.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our mortgage loans are non-recourse to us, except for $75,000,000 of the $320,000,000 mortgage on our 731 Lexington Avenue property, in the event of a substantial casualty, as defined.&nbsp; Our mortgage loans contain customary covenants requiring us to maintain insurance.&nbsp; 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>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Dividends</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In order to maintain our qualification as a REIT under the Internal Revenue Code, we must distribute at least 90% of our taxable income to shareholders.&nbsp; Because the balance of our NOL has exceeded taxable income in the past, there was no distribution requirement.&nbsp; <FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On April 29, 2010, we declared our first quarterly dividend of $2.50 per share (estimated quarterly taxable income), an indicated annual rate of $10.00 per share, payable on May 24, 2010.&nbsp; The three quarterly dividends contemplated for all of 2010 would require approximately $38,000,000.</FONT> </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Cash Flows</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Rental income from our properties is our principal source of operating cash flow.&nbsp; 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 (Bloomberg L.P. accounted for approximately 35% of our consolidated revenues in the three months ended March 31, 2010).&nbsp; 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.&nbsp; Other sources of liquidity to fund cash requirements include existing cash, proceeds from debt financings, including mortgage or construction loans secured by our properties and proceeds from asset sales.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Three Months Ended March 31, 2010</FONT></U></I></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Cash and cash equivalents were $429,519,000 at March 31, 2010, compared to $412,734,000 at December 31, 2009, an increase of $16,785,000.&nbsp; This increase resulted from $24,392,000 of net cash provided by operating activities and $17,988,000 of net cash provided by investing activities, partially offset by $25,595,000 of net cash used in financing activities.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net cash provided by operating activities of $24,392,000 was comprised of net income of $15,116,000, the net change in operating assets and liabilities of $5,400,000 and adjustments for non-cash items of $3,876,000.&nbsp; The adjustments for non-cash items were comprised of depreciation and amortization of $8,301,000 partially offset by straight-lining of rental income of $4,425,000.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net cash provided by investing activities of $17,988,000 was comprised of proceeds from maturing short-term investments of $25,000,000 and restricted cash of $3,326,000, partially offset by capital expenditures of $10,338,000, primarily related to the development of our Rego Park II project.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net cash used in financing activities of $25,595,000 was comprised of a $27,500,000 purchase of our Kings Plaza debt and debt amortization of $3,987,000, partially offset by $5,892,000 of borrowings under the Rego Park II construction loan.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Three Months Ended March 31, 2009</FONT></U></I></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Cash and cash equivalents were $426,265,000 at March 31, 2009, compared to $515,940,000 at December 31, 2008, a decrease of $89,675,000.&nbsp; This decrease resulted from $105,702,000 of net cash used in investing activities, partially offset by $10,265,000 of net cash provided by financing activities and $5,762,000 of net cash provided by operating activities.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net cash provided by operating activities of $5,762,000 was comprised of net income of $46,002,000, partially offset by adjustments for non-cash items of $28,559,000 and the net change in operating assets and liabilities of $11,681,000.&nbsp; 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 $2,579,000, partially offset by (iii) depreciation and amortization of $6,411,000 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.&nbsp; The net change in operating assets and liabilities of $11,681,000 included a $22,838,000 payment for SARs compensation expense.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net cash used in investing activities of $105,702,000 was primarily comprised of restricted cash of $83,931,000, primarily related to the fully cash-collateralized mortgage at Rego Park I, and capital expenditures of $21,771,000 primarily related to the development of our Rego Park II project.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net cash provided by financing activities of $10,265,000 was primarily comprised of borrowings under the construction loan to fund expenditures at our Rego Park II project.&nbsp; Financing activities also include the $78,246,000 refinancing of the Rego Park I mortgage loan.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">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 GAAP net income or loss adjusted to exclude net gains from sales of depreciated real estate assets, depreciation and amortization expense from real estate assets, extraordinary items and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries. &nbsp;FFO and FFO per diluted share are used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over
 time, rather than fluctuating based on existing market conditions.&nbsp; FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure.&nbsp; FFO may not be comparable to similarly titled measures employed by other companies.&nbsp; A reconciliation of our net income to FFO is provided below.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">FFO Attributable to Common Stockholders for the Quarters Ended March 31, 2010 and 2009</FONT></U></I></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">FFO attributable to common stockholders for the quarter ended March 31, 2010 was $22,438,000, or $4.39&nbsp;per diluted share, compared to $51,643,000, or $10.12 per diluted share, for the quarter ended March 31, 2009. &nbsp;FFO attributable to common stockholders for the quarter ended March 31, 2009 includes $34,275,000, or $6.72 per diluted share, for the reversal of SARs compensation expense in the quarter ended March&nbsp;31, 2009. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table reconciles our net income to FFO:</FONT></P>
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<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="Times New Roman">(Amounts in thousands, except share and per share amounts)</FONT></P>
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<TR style="HEIGHT: 12.75pt; page-break-inside: avoid">
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<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Net income attributable to Alexander&#146;s</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="14%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">15,114</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="13%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">46,054</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="66%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Depreciation and amortization of real property</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="14%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">7,324</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="13%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">5,589</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="66%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">FFO attributable to common stockholders</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double; HEIGHT: 12.75pt" vAlign=bottom width="14%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">22,438</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double; HEIGHT: 12.75pt" vAlign=bottom width="13%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">51,643</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.75pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.9pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="66%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="14%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="13%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.9pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="66%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">FFO attributable to common stockholders per diluted share</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double; HEIGHT: 11.9pt" vAlign=bottom width="14%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">4.39</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double; HEIGHT: 11.9pt" vAlign=bottom width="13%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">10.12</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.9pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="66%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="14%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="13%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.9pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15.45pt; page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.45pt" vAlign=bottom width="66%">
<P style="MARGIN: 2pt 0in 0in 20pt; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Weighted average shares used in computing diluted FFO per share </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.45pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.45pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double; HEIGHT: 15.45pt" vAlign=bottom width="14%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">5,105,936</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.45pt" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.45pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double; HEIGHT: 15.45pt" vAlign=bottom width="13%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">5,102,826</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.45pt" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></B>&nbsp;</H1> <H1 style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Item 3.&nbsp;&nbsp;&nbsp; Quantitative and Qualitative Disclosures About Market Risk</FONT></B></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have exposure to fluctuations in interest rates, which are sensitive to many factors that are beyond our control.&nbsp; Our exposure to a change in interest rates is summarized in the table below.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="MARGIN-LEFT: 0pt; WIDTH: 82.82%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="46%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="Times New Roman">(Amounts in thousands, except per share amounts)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="16%" colSpan=2>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Balance as of<BR>
March 31, <BR>
2010</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Weighted-Average<BR>
Interest Rate</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%" colSpan=2>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 2pt 0in 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Effect of 1%<BR>
Change in <BR>
Base Rates </FONT></B></P>
</DIV></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="46%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Variable (including $42,190 due to Vornado)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">314,492</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">1.52%</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">3,145</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="46%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Fixed Rate</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="15%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">981,067</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">5.21%</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="14%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&#151;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="46%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="15%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">1,295,559</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="14%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">3,145</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="46%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="46%">
<P style="MARGIN: 2pt 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Total effect on diluted earnings per share</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">$</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2pt double" vAlign=bottom width="14%">
<P style="MARGIN: 2pt 0in 0in; TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">0.62</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #ccffff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 2pt 0in 0in"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">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.&nbsp; As of March 31, 2010, the estimated fair value of our consolidated debt was less than the aggregate carrying amount by approximately $71,808,000.&nbsp; Our 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: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center">19</P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name=page_20></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
<H1 style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Item 4.&nbsp;&nbsp;&nbsp; Controls and Procedures</FONT></B></H1> <H1 style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></B></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(a) Disclosure Controls and Procedures: &nbsp;Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, our disclosure controls and procedures are effective.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(b) Internal Control Over Financial Reporting: &nbsp;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="TEXT-ALIGN: center">20</P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name=page_21></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">PART II. &nbsp;&nbsp;OTHER INFORMATION</FONT></B></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></B>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt 40.05pt; TEXT-INDENT: -40.05pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: 0pt" face="Times New Roman">Item 1.&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Legal</FONT></B><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: 0pt" face="Times New Roman"> Proceedings</FONT></B></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.2pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: 0pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are from time to time involved in legal actions arising in the ordinary course of business.&nbsp; 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.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt 40.05pt; TEXT-INDENT: -40.05pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Item 1A.&nbsp; Risk Factors</FONT></B></H1>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">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, 2009. </FONT></P>
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<H1 style="MARGIN: 0in 0in 0pt 40.05pt; TEXT-INDENT: -40.05pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Item 2.&nbsp;&nbsp;&nbsp;&nbsp; Unregistered Sales of Equity Securities and Use of Proceeds </FONT></B></H1>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">None.</FONT></P>
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<H1 style="MARGIN: 0in 0in 0pt 40.05pt; TEXT-INDENT: -40.05pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Item 3.&nbsp;&nbsp;&nbsp;&nbsp; Defaults Upon Senior Securities</FONT></B></H1> <H1 style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></B>&nbsp;</H1>
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<H1 style="MARGIN: 0in 0in 0pt 35pt; TEXT-INDENT: -35pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Item 5.&nbsp;&nbsp; Other Information</FONT></B></H1>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">None.</FONT></P>
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<H1 style="MARGIN: 0in 0in 0pt 40.05pt; TEXT-INDENT: -40.05pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Item 6.&nbsp;&nbsp;&nbsp;&nbsp; Exhibits</FONT></B></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 20.15pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 40pt; TEXT-INDENT: -20pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">Exhibits required by Item 601 of Regulation S-K are filed herewith and are listed in the attached Exhibit Index.</FONT></P>
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<P style="TEXT-ALIGN: center">21</P>
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<P style="MARGIN: 0in 0in 42pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">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>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; TEXT-DECORATION: none" face="Times New Roman">Date: &nbsp;May 3, 2010</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; TEXT-DECORATION: none" face="Times New Roman">By:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 2.6pt"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; TEXT-DECORATION: none" face="Times New Roman">/s/ Joseph Macnow</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 0.05in"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; TEXT-DECORATION: none" face="Times New Roman">Joseph Macnow, Executive Vice President and<BR>
Chief Financial Officer (duly authorized officer and principal financial and accounting officer)</FONT></P>
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<P style="MARGIN: 0in 33pt 0.5in 335pt; TEXT-INDENT: -120pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 220.5pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
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<H2 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center></H2>
<P style="TEXT-ALIGN: center">22</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">3.1</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Amended and Restated Certificate of Incorporation. Incorporated herein by reference<BR>
from Exhibit 3.1 to the registrant&#146;s Registration Statement on Form S-3 filed on<BR>
September 20, 1995</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
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     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">3.2</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">By-laws, as amended. Incorporated herein by reference from Exhibit 10.1 to the <BR>
registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2000&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.1</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Real Estate Retention Agreement dated as&nbsp;of July 20, 1992, between Vornado Realty <BR>
Trust and Keen Realty Consultants, Inc., each as&nbsp;special real estate consultants, and the <BR>
Company. Incorporated herein by reference from Exhibit 10(i)(O) to the registrant&#146;s <BR>
Annual Report on Form 10&#8209;K for the fiscal year ended July 25, 1992&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.2</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Extension Agreement to the Real Estate Retention Agreement, dated as of February 6, <BR>
1995, between the Company and Vornado Realty Trust. Incorporated herein by reference <BR>
from Exhibit 10(i)(G)(2) to the registrant&#146;s Annual Report Form 10-K for the year ended <BR>
December 31, 1994&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">10.3</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Agreement of Lease dated as of April 30, 2001 between Seven Thirty One Limited <BR>
Partnership, landlord, and Bloomberg L.P., tenant. Incorporated herein by reference from <BR>
Exhibit 10(v) B to the registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended <BR>
June 30, 2001, filed on August 2, 2001</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.4</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Amended and Restated Consolidated Mortgage and Security Agreement dated as of <BR>
May&nbsp;31, 2001 among Alexander&#146;s Kings Plaza LLC as mortgagor, Alexander&#146;s of King <BR>
LLC as mortgagor and Kings Parking LLC as mortgagor, collectively borrower, to <BR>
Morgan Guaranty Trust Company of New York, as mortgagee. Incorporated herein by <BR>
reference from Exhibit 10(v) A1 to the registrant&#146;s Quarterly Report on Form 10-Q for the <BR>
quarter ended June 30, 2001, filed on August 2, 2001</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.5</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Amended, Restated and Consolidated Promissory Note, dated as of May 31, 2001 by and <BR>
between Alexander&#146;s Kings Plaza LLC, Alexander&#146;s of Kings LLC, and Kings&nbsp;Parking <BR>
LLC collectively borrower, and Morgan Guaranty Trust Company of New York, lender. <BR>
Incorporated herein by reference from Exhibit 10(v) A2 to the registrant&#146;s Quarterly <BR>
Report on Form 10-Q for the quarter ended June 30, 2001, filed on August 2, 2001</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.6</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Cash Management Agreement dated as of May 31, 2001 by and between Alexander&#146;s <BR>
Kings Plaza LLC, Alexander&#146;s of Kings LLC, and Kings Parking LLC collectively <BR>
borrower, and Morgan Guaranty Trust Company of New York, lender. Incorporated <BR>
herein by reference from Exhibit 10(v) A3 to the registrant&#146;s Quarterly Report on <BR>
Form&nbsp;10-Q for the quarter ended June 30, 2001, filed on August 2, 2001</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.7</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Note modification and Severance Agreement dated as of November 26, 2001, between <BR>
Alexander&#146;s Kings Plaza LLC, Alexander&#146;s of Kings LLC, and Kings Parking LLC <BR>
collectively borrower and JP Morgan Chase Bank of New York, lender. Incorporated <BR>
herein by reference from Exhibit 10(v)(A)(4) to the registrant&#146;s Annual Report on <BR>
Form&nbsp;10&#8209;K for the year ended December 31, 2001, filed on March 13, 2002</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"><BR>
*<BR>
<BR>
</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">___________________<BR>
Incorporated by reference.<BR>
<BR>
</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">23</P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name=page_24></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 3pt" face="Times New Roman">&nbsp;</FONT></P>
<DIV align=center>
<TABLE style="WIDTH: 570.15pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.8</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Loan Agreement dated as of October 2, 2001 by and between ALX of Paramus LLC as <BR>
borrower, and SVENSKA HANDELSBANKEN AB (publ), as lender. Incorporated <BR>
herein by reference from Exhibit 10(v)(C)(1) to the registrant&#146;s Annual Report on Form <BR>
10-K for the year ended December 31, 2001, filed on March 13, 2002</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;&nbsp;*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.9</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Mortgage, Security Agreement and Fixture Financing Statement dated as of October 2, <BR>
2001 by and between ALX of Paramus LLC as borrower, and SVENSKA <BR>
HANDELSBANKEN AB (publ), as lender. Incorporated herein by reference from Exhibit <BR>
10(v)(C)(2) to the registrant&#146;s Annual Report on Form 10-K for the year ended December <BR>
31, 2001, filed on March 13, 2002</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.10</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Environmental undertaking letter dated as of October 2, 2001 by and between ALX of <BR>
Paramus LLC, as borrower, and SVENSKA HANDELSBANKEN AB (publ), as lender. <BR>
Incorporated herein by reference from Exhibit 10(v)(C)(3) to the registrant&#146;s Annual <BR>
Report on Form 10-K for the fiscal year ended December 31, 2001, filed on March 13,<BR>
2002</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.11</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Lease dated as of October 2, 2001 by and between ALX of Paramus LLC, as Landlord, <BR>
and IKEA Property, Inc. as Tenant. Incorporated herein by reference from Exhibit <BR>
10(v)(C)(4) to the registrant&#146;s Annual Report on Form 10-K for the year ended December <BR>
31, 2001, filed on March 13, 2002 </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.12</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">First Amendment to Real Estate Retention Agreement, dated as of July 3, 2002, by and <BR>
between Alexander&#146;s, Inc. and Vornado Realty, L.P. Incorporated herein by reference <BR>
from Exhibit 10(i)(E)(3) to the registrant&#146;s Quarterly Report on Form 10-Q for the quarter <BR>
ended June 30, 2002, filed on August 7, 2002</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.13</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">59<SUP>th</SUP> Street Real Estate Retention Agreement, dated as of July 3, 2002, by and between <BR>
Vornado Realty, L.P., 731 Residential LLC and 731 Commercial LLC. Incorporated <BR>
herein by reference from Exhibit 10(i)(E)(4) to the registrant&#146;s Quarterly Report on Form <BR>
10-Q for the quarter ended June 30, 2002, filed on August 7, 2002</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.14</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Amended and Restated Management and Development Agreement, dated as of July&nbsp;3, <BR>
2002, by and between Alexander&#146;s, Inc., the subsidiaries party thereto and Vornado <BR>
Management Corp. Incorporated herein by reference from Exhibit 10(i)(F)(1) to the <BR>
registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2002, filed on<BR>
August 7, 2002</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.15</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Kings Plaza Management Agreement, dated as of May 31, 2001, by and between <BR>
Alexander&#146;s Kings Plaza LLC and Vornado Management Corp. Incorporated herein by <BR>
reference from Exhibit 10(i)(F)(3) to the registrant&#146;s Quarterly Report on Form 10-Q for <BR>
the quarter ended June 30, 2002, filed on August 7, 2002</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.16</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Limited Liability Company Operating Agreement of 731 Residential LLC, dated as of <BR>
July&nbsp;3, 2002, among 731 Residential Holding LLC, as the sole member, Domenic A. <BR>
Borriello, as an Independent Manager and Kim Lutthang, as an Independent Manager. <BR>
Incorporated herein by reference from Exhibit 10(i)(A)(1) to the registrant&#146;s Quarterly <BR>
Report on Form 10-Q for the quarter ended June 30, 2002, filed on August 7, 2002</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.17</FONT></P>
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     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Limited Liability Company Operating Agreement of 731 Commercial LLC, dated as of <BR>
July 3, 2002, among 731 Commercial Holding LLC, as the sole member, Domenic A. <BR>
Borriello, as an Independent Manager and Kim Lutthang, as an Independent Manager. <BR>
Incorporated herein by reference from Exhibit 10(i)(A)(2) to the registrant&#146;s Quarterly <BR>
Report on Form 10-Q for the quarter ended June 30, 2002, filed on August 7, 2002</FONT></P>
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     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
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     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"><BR>
*<BR>
<BR>
</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">___________________<BR>
Incorporated by reference.<BR>
<BR>
</FONT></P>
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     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: center">24</P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name=page_25></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
<DIV align=center>
<TABLE style="WIDTH: 570.15pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.18</FONT></P>
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     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Reimbursement Agreement, dated as of July 3, 2002, by and between Alexander&#146;s, Inc., <BR>
731 Commercial LLC, 731 Residential LLC and Vornado Realty, L.P. Incorporated <BR>
herein by reference from Exhibit 10(i)(C)(8) to the registrant&#146;s Quarterly Report on Form <BR>
10-Q for the quarter ended June 30, 2002, filed on August 7, 2002</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.19</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">First Amendment of Lease, dated as of April 19, 2002, between Seven Thirty One Limited <BR>
Partnership, landlord and Bloomberg L.P., tenant. Incorporated herein by reference from <BR>
Exhibit 10(v)(B)(2) to the registrant&#146;s Quarterly Report on Form 10-Q for the fiscal <BR>
quarter ended June 30, 2002, filed on August 7, 2002</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.20</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Loan and Security Agreement, dated as of February 13, 2004, between 731 Office One <BR>
LLC, as Borrower and German American Capital Corporation, as Lender. Incorporated <BR>
herein by reference from Exhibit 10.20 to the registrant&#146;s Annual Report on Form 10-K <BR>
for the year ended December 31, 2003, filed on March 2, 2004</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.21</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Amended, Restated and Consolidated Mortgage, Security Agreement, Financing <BR>
Statement and Assignment of Leases, Rent and Security Deposits by and between <BR>
731&nbsp;Office One LLC as Borrower and German American Capital Corporation as Lender, <BR>
dated as of February 13, 2004. Incorporated herein by reference from Exhibit 10.21 to the <BR>
registrant&#146;s Annual Report on Form 10-K for the year ended December 31, 2003, filed on <BR>
March 2, 2004</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.22</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Amended, Restated and Consolidated Note, dated as of February 13, 2004, by 731&nbsp;Office<BR>
One LLC in favor of German American Capital Corporation. Incorporated herein by <BR>
reference from Exhibit 10.22 to the registrant&#146;s Annual Report on Form 10-K for the year <BR>
ended December 31, 2003, filed on March 2, 2004</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.23</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Assignment of Leases, Rents and Security Deposits from 731 Office One LLC to German <BR>
American Capital Corporation, dated as of February 13, 2004. Incorporated herein by <BR>
reference from Exhibit 10.23 to the registrant&#146;s Annual Report on Form 10-K for the year<BR>
ended December 31, 2003, filed on March 2, 2004</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.24</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Account and Control Agreement, dated as of February 13, 2004, by and among German <BR>
American Capital Corporation as Lender, and 731 Office One LLC as Borrower, and JP <BR>
Morgan Chase as Cash Management Bank. Incorporated herein by reference from Exhibit <BR>
10.24 to the registrant&#146;s Annual Report on Form 10-K for the year ended December 31, <BR>
2003, filed on March 2, 2004</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.25</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Manager&#146;s Consent and Subordination of Management Agreement dated February 13, <BR>
2004 by 731 Office One LLC and Alexander&#146;s Management LLC and German American <BR>
Capital Corporation. Incorporated herein by reference from Exhibit 10.25 to the <BR>
registrant&#146;s Annual Report on Form 10-K for the year ended December 31, 2003, filed on <BR>
March 2, 2004</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.26</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Note Exchange Agreement dated as of February 13, 2004 by and between 731 Office One<BR>
LLC and German American Capital Corporation. Incorporated herein by reference from <BR>
Exhibit 10.26 to the registrant&#146;s Annual Report on Form 10-K for the year ended <BR>
December 31, 2003, filed on March 2, 2004</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.27</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Promissory Note A-1 dated as of February 13, 2004 and 731 Office One LLC in favor of <BR>
German American Capital Corporation. Incorporated herein by reference from Exhibit <BR>
10.27 to the registrant&#146;s Annual Report on Form 10-K for the year ended December 31,<BR>
&nbsp;2003, filed on March 2, 2004</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"><BR>
*<BR>
<BR>
</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">___________________<BR>
Incorporated by reference.<BR>
<BR>
</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">25</P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name=page_26></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 576pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.28</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Promissory Note A-2 dated as of February 13, 2004 and 731 Office One LLC in favor of <BR>
German American Capital Corporation. Incorporated herein by reference from Exhibit <BR>
10.28 to the registrant&#146;s Annual Report on Form 10-K for the year ended December 31, <BR>
2003, filed on March 2, 2004</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.29</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Promissory Note A-3 dated as of February 13, 2004 and 731 Office One LLC in favor of <BR>
German American Capital Corporation. Incorporated herein by reference from Exhibit <BR>
10.29 to the registrant&#146;s Annual Report on Form 10-K for the year ended December 31, <BR>
2003, filed on March 2, 2004</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: 0pt" face="Times New Roman">10.30</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Promissory Note A-4 dated as of February 13, 2004, and 731 Office One LLC in favor of<BR>
German American Capital Corporation. Incorporated herein by reference from Exhibit <BR>
10.30 to the registrant&#146;s Annual Report on Form 10-K for the year ended December 31, <BR>
2003, filed on March 2, 2004</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">10.31</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Promissory Note A-X dated as of February 13, 2004, and 731 Office One LLC in favor of<BR>
German American Capital Corporation. Incorporated herein by reference from Exhibit <BR>
10.31 to the registrant&#146;s Annual Report on Form 10-K for the year ended December 31, <BR>
2003, filed on March 2, 2004</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">10.32</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Promissory Note B dated as of February 13, 2004, and 731 Office One LLC in favor of <BR>
German American Capital Corporation. Incorporated herein by reference from Exhibit <BR>
10.32 to the registrant&#146;s Annual Report on Form 10-K for the year ended December 31, <BR>
2003, filed on March 2, 2004</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">10.33</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Guaranty of Recourse Obligations dated as of February 13, 2004, by Alexander&#146;s, Inc. to <BR>
and for the benefit of German American Capital Corporation. Incorporated herein by <BR>
reference from Exhibit 10.33 to the registrant&#146;s Annual Report on Form 10-K for the year <BR>
ended December 31, 2003, filed on March 2, 2004</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.34</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Environmental Indemnity dated as of February 13, 2004, by Alexander&#146;s, Inc. and <BR>
731&nbsp;Office One LLC for the benefit of German American Capital Corporation. <BR>
Incorporated herein by reference from Exhibit 10.34 to the registrant&#146;s Annual Report on<BR>
Form 10-K for the year ended December 31, 2003, filed on March 2, 2004</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.35</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Loan Agreement dated as of July 6, 2005, between 731 Retail One LLC, as Borrower and <BR>
Archon Financial, as Lender.&nbsp; Incorporated herein by reference from Exhibit 10.1 to the <BR>
registrant&#146;s Current Report on Form 8-K, filed on July 12, 2005</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.36</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top align=left width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">**</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman" color=black>Form of Stock Option Agreement between the Company and certain employees.<BR>
Incorporated herein by reference from Exhibit 10.61 to the registrant&#146;s Quarterly Report <BR>
on Form 10-Q for the quarter ended September 30, 2005, filed on October 27, 2005</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.37</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">**</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman" color=black>Form of Restricted Stock Option Agreement between the Company and certain<BR>
employees.&nbsp; Incorporated herein by reference from Exhibit 10.62 to the registrant&#146;s<BR>
Quarterly Report on Form 10-Q for the quarter ended September 30, 2005, filed on<BR>
October 27, 2005</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.38</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">**</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Registrant&#146;s 2006 Omnibus Stock Plan dated April 4, 2006.&nbsp; Incorporated herein by <BR>
reference from Annex B to Schedule 14A, filed by the registrant on April 28, 2006</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"><BR>
*<BR>
**</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">___________________<BR>
Incorporated by reference.<BR>
Management contract or compensatory agreement</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="5%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="69%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">26</P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name=page_27></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 570.15pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.39</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%"></TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman" color=black>Second Amendment to Real Estate Retention Agreement, dated as of&nbsp; January 1, 2007, by<BR>
and between Alexander&#146;s, Inc. and Vornado Realty L.P.&nbsp; Incorporated herein by reference<BR>
from Exhibit 10.64 to the registrant&#146;s Annual Report on Form 10-K for the year ended<BR>
December 31, 2006, filed on February 26, 2007</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.40</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman" color=black>Amendment to 59<SUP>th</SUP> Street Real Estate Retention agreement, dated as of January 1, 2007, <BR>
by and among Vornado Realty L.P., 731 Retail One LLC, 731 Restaurant LLC, 731<BR>
Office One LLC and 731 Office Two LLC.&nbsp; Incorporated herein by reference<BR>
from Exhibit 10.65 to the registrant&#146;s Annual Report on Form 10-K for the year ended<BR>
December 31, 2006, filed on February 26, 2007</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.41</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: 0pt" face="Times New Roman">Building Loan Agreement, dated as of December 21, 2007, among Alexander&#146;s of Rego <BR>
Park II, Inc., as Borrower, PB Capital Corporation, as Lender, Norddeutsche Landesbank <BR>
Girozentrale, New York Branch, as Lender, Wells Fargo Bank, National Association, as<BR>
&nbsp;Lender, Landesbank Baden-Wurttemberg, New York Branch, as Lender, Bank of Ireland, <BR>
Connecticut Branch, as Lender, PB Capital Corporation, as Administrative Agent, PB <BR>
Capital Corporation and Norddeutsche Landesbank Girozentrale, New York Branch, as <BR>
Co-Arrangers. Incorporated herein by reference from Exhibit 10.1 to the registrant&#146;s <BR>
Current Report on Form 8-K, filed on December 28, 2007</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.42</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Project Loan Agreement, dated as of December 21, 2007, among Alexander&#146;s of Rego <BR>
Park II, Inc., as Borrower, PB Capital Corporation, as Lender, Norddeutsche Landesbank <BR>
Girozentrale, New York Branch, as Lender, Wells Fargo Bank, National Association, as <BR>
Lender, Landesbank Baden-Wurttemberg, New York Branch, as Lender, Bank of Ireland, <BR>
Connecticut Branch, as Lender, PB Capital Corporation, as Administrative Agent, PB <BR>
Capital Corporation and Norddeutsche Landesbank Girozentrale, New York Branch, as <BR>
Co-Arrangers. Incorporated herein by reference from Exhibit 10.2 to the registrant&#146;s <BR>
Current Report on Form 8-K, filed on December 28, 2007</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.43</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Series I Building Loan Mortgage, Assignment of Leases and Rents and Security <BR>
Agreement, dated as of December 21, 2007, from Alexander&#146;s of Rego Park II, Inc., as <BR>
Mortgagor, to PB Capital Corporation, as Administrative Agent for the Lenders. <BR>
Incorporated herein by reference from Exhibit 10.3 to the registrant&#146;s Current Report on <BR>
Form 8-K, filed on December 28, 2007</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.44</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Series II Building Loan Mortgage, Assignment of Leases and Rents and Security<BR>
&nbsp;Agreement, dated as of December 21, 2007, from Alexander&#146;s of Rego Park II, Inc., as<BR>
&nbsp;Mortgagor, to PB Capital Corporation, as Administrative Agent for the Lenders.<BR>
&nbsp;Incorporated herein by reference from Exhibit 10.4 to the registrant&#146;s Current Report on <BR>
Form 8-K, filed on December 28, 2007</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.45</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Series I Project Loan Mortgage, Assignment of Leases and Rents and Security<BR>
&nbsp;Agreement, dated as of December 21, 2007, from Alexander&#146;s of Rego Park II, Inc., as<BR>
&nbsp;Mortgagor, to PB Capital Corporation, as Administrative Agent for the Lenders.<BR>
&nbsp;Incorporated herein by reference from Exhibit 10.5 to the registrants Current Report on<BR>
&nbsp;Form 8-K, filed on December 31, 2007</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.46</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Series II Project Loan Mortgage, Assignment of Leases and Rents and Security <BR>
Agreement, dated as of December 21, 2007, from Alexander&#146;s of Rego Park II, Inc., as <BR>
Mortgagor, to PB Capital Corporation, as Administrative Agent for the Lenders. <BR>
Incorporated herein by reference from Exhibit 10.6 to the registrant&#146;s Current Report on <BR>
Form 8-K, filed on December 28, 2007</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.47</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Guaranty of Completion, dated as of December 21, 2007, executed by Alexander&#146;s, Inc. <BR>
for the benefit of PB Capital Corporation, as Administrative Agent for itself and the other <BR>
Lenders Incorporated herein by reference from Exhibit 10.7 to the registrant&#146;s Current <BR>
Report on Form 8-K, filed on December 28, 2007</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"><BR>
*</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">___________________<BR>
Incorporated by reference.</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></DIV>
<DIV align=center></DIV>
<P style="TEXT-ALIGN: center">27</P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name=page_28></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<DIV align=center>
<TABLE style="WIDTH: 570.15pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.48</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Guaranty of Payment, dated as of December 21, 2007, executed by Alexander&#146;s, Inc. for <BR>
the benefit of PB Capital Corporation, as Administrative Agent for itself and the other <BR>
Lenders. Incorporated herein by reference from Exhibit 10.8 to the registrant&#146;s Current <BR>
Report on Form 8-K, filed on December 28, 2007</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.49</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">First Amendment to Amended and Restated Management and Development Agreement, <BR>
dated as of July 6, 2005, by and between Alexander&#146;s, Inc., the subsidiaries party thereto <BR>
and Vornado Management Corp.&nbsp; Incorporated herein by reference from Exhibit 10.52 to <BR>
the registrant&#146;s Annual Report on Form 10-K, filed on February 25, 2008.</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.50</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Second Amendment to Amended and Restated Management and Development <BR>
Agreement, dated as of December 20, 2007, by and between Alexander&#146;s, Inc., the <BR>
subsidiaries party thereto and Vornado Management Corp.&nbsp; Incorporated herein by <BR>
reference from Exhibit 10.53 to the registrant&#146;s Annual Report on Form 10-K, filed on <BR>
February 25, 2008 </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.51</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Rego II Management and Development Agreement, dated as of December 20, 2007, by <BR>
and between Alexander&#146;s of Rego Park II, Inc., and Vornado Realty L.P. Incorporated <BR>
herein by reference from Exhibit 10.54 to the registrant&#146;s Annual Report on Form 10-K, <BR>
filed on February 25, 2008 </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.52</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Third Amendment to Real Estate Retention Agreement, dated as of December 20, 2007, <BR>
by and between Alexander&#146;s, Inc., and Vornado Realty L.P.&nbsp; Incorporated herein by <BR>
reference from Exhibit 10.55 to the registrant&#146;s Annual Report on Form 10-K, filed on <BR>
February 25, 2008</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.53</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Rego II Real Estate Retention Agreement, dated as of December 20, 2007, by and <BR>
between Alexander&#146;s, Inc., and Vornado Realty L.P.&nbsp; Incorporated herein by reference <BR>
from Exhibit 10.56 to the registrant&#146;s Annual Report on Form 10-K, filed on February 25, <BR>
2008</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.54</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Loan Agreement dated as of March 10, 2009 between Alexander&#146;s Rego Park Shopping <BR>
Center Inc., as Borrower and U.S. Bank National Association, as Lender.&nbsp; Incorporated<BR>
&nbsp;herein by reference from Exhibit 10.55 to the registrant&#146;s Quarterly Report on for 10-Q<BR>
&nbsp;for the quarter ended March 31, 2009, filed on May 4, 2009</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.55</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Amended and Restated Mortgage, Security Agreement, Fixture Filing and Assignment of<BR>
Leases and Rentals by and between Alexander&#146;s Rego Shopping Center, Inc. as Borrower<BR>
and U.S. Bank National Association as Lender, dated as of March 10, 2009.&nbsp; Incorporated<BR>
herein by reference from Exhibit 10.56 to the registrant&#146;s Quarterly Report on for 10-Q for<BR>
&nbsp;the quarter ended March 31, 2009, filed on May 4, 2009</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.56</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Amended and Restated Promissory Note dated as of March 10, 2009, by Alexander&#146;s<BR>
Rego Shopping Center Inc., in favor of U.S. Bank National Association.&nbsp; Incorporated<BR>
herein by reference from Exhibit 10.57 to the registrant&#146;s Quarterly Report on for 10-Q <BR>
for the quarter ended March 31, 2009, filed on May 4, 2009</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.57</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Cash Pledge Agreement dated as of March 10, 2009, executed by Alexander&#146;s Rego<BR>
Shopping Center Inc. to and for the benefit of U.S. Bank National Association.<BR>
Incorporated herein by reference from Exhibit 10.58 to the registrant&#146;s Quarterly Report <BR>
on for 10-Q for the quarter ended March 31, 2009, filed on May 4, 2009</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.58</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Lease dated as of February 7, 2005, by and between 731 Office One LLC, as Landlord,<BR>
and Citibank, N.A., as Tenant.&nbsp; Incorporated herein by reference from Exhibit 10.59 to the <BR>
registrant&#146;s Quarterly Report on for 10-Q for the quarter ended March 31, 2009, filed on <BR>
May 4, 2009</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"><BR>
*<BR>
<BR>
</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">___________________<BR>
Incorporated by reference.<BR>
<BR>
</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">28</P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
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<A name=page_29></A>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
<DIV align=center>
<TABLE style="WIDTH: 570.15pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">10.59</FONT></P>
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     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Assignment and Assumption and Consent Agreement, dated as of March 25, 2009, by and<BR>
between 731 Office One LLC, as Landlord, Citicorp North America, Inc., as Assignor,<BR>
and Bloomberg L.P., as Assignee.&nbsp; Incorporated herein by reference from Exhibit 10.60 to <BR>
the registrant&#146;s Quarterly Report on for 10-Q for the quarter ended March 31, 2009, filed <BR>
on May 4, 2009</FONT></P>
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     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">*</FONT></P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
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     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">15.1</FONT></P>
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     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
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     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Letter regarding unaudited interim financial information</FONT></P>
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     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="12%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">31.1</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Rule 13a-14 (a) Certification of the Chief Executive Officer</FONT></P>
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     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="67%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
<TR style="page-break-inside: avoid">
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">31.2</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">-</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Rule 13a-14 (a) Certification of the Chief Financial Officer</FONT></P>
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     <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="7%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">&nbsp;</FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Section 1350 Certification of the Chief Executive Officer</FONT></P>
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*<BR>
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Incorporated by reference.<BR>
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<P style="TEXT-ALIGN: center">29</P>
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<TYPE>EX-15
<SEQUENCE>2
<FILENAME>ex151.htm
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<p align=right style='margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;letter-spacing:0pt;'>EXHIBIT 15.1</font></b></p>
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<p style='margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:11.0pt;'>May 3, 2010</font></p>
<p style='margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:11.0pt;'>&nbsp;</font></p>
<p style='margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:11.0pt;'>Alexander&#8217;s, Inc.</font></p>
<p style='margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:11.0pt;'>210 Route 4 East</font></p>
<p style='margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:11.0pt;'>Paramus, New Jersey 07652</font></p>
<p style='margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:11.0pt;'>&nbsp;</font></p>
<p style='margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:11.0pt;'>We have reviewed, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the unaudited interim financial information of Alexander&#8217;s, Inc. and subsidiaries for the three-month periods ended March 31, 2010 and 2009, and issued our report dated May 3, 2010.&#160; As indicated in such report, because we did not perform an audit, we expressed no opinion on that information.</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:11.0pt;'>We are aware that our reports referred to above, which were included in your Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 is incorporated by reference in the following registration statements of Alexander&#8217;s, Inc.:</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:11.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:11.0pt;'>Registration Statement No. 333-151721 on Form S-8</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:11.0pt;'>Amendment No. 1 to Registration Statement No. 33-155727 on Form S-3</font></p>
<p style='margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:11.0pt;'>&nbsp;</font></p>
<p style='margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:11.0pt;'>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:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:11.0pt;'>&nbsp;</font></p>
<p style='margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:11.0pt;'>/s/ DELOITTE &amp; TOUCHE LLP</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:11.0pt;'>Parsippany, New Jersey</font></p>
<p style='margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" lang=EN-US style='font-size:11.0pt;'>&nbsp;</font></p>
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<TYPE>EX-31
<SEQUENCE>3
<FILENAME>ex311.htm
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">EXHIBIT 31.1</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">CERTIFICATION</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12.95pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both; LETTER-SPACING: 0pt" face="Times New Roman">I, Steven Roth, certify that:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12.95pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this Quarterly Report on Form&nbsp;10&#8209;Q of Alexander&#146;s, Inc.;</FONT></P>
<P style="MARGIN: 0in 0in 6pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">2.&nbsp;&nbsp;&nbsp; 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>
<P style="MARGIN: 0in 0in 6pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;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>
<P style="MARGIN: 0in 0in 6pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp; 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&#8209;15(e) and 15d&#8209;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>
<P style="MARGIN: 0in 0in 6pt 1in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a)&nbsp;&nbsp;&nbsp;&nbsp; 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>
<P style="MARGIN: 0in 0in 6pt 1in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">b)&nbsp;&nbsp;&nbsp; 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>
<P style="MARGIN: 0in 0in 6pt 1in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">c)&nbsp;&nbsp;&nbsp;&nbsp; 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>
<P style="MARGIN: 0in 0in 6pt 1in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">d)&nbsp;&nbsp;&nbsp; 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>
<P style="MARGIN: 0in 0in 6pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp; 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>
<P style="MARGIN: 0in 0in 6pt 1.05in; TEXT-INDENT: -0.3in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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>
<P style="MARGIN: 0in 0in 0in 1.05in; TEXT-INDENT: -0.3in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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>
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<P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face="Times New Roman">May 3, 2010</FONT></P>
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/s/ Steven Roth</FONT></P>
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<P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Steven Roth</FONT></P>
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<P style="MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Chief Executive Officer</FONT></P>
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<TYPE>EX-31
<SEQUENCE>4
<FILENAME>ex312.htm
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<p align=right style='margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;letter-spacing:0pt;'>EXHIBIT 31.2</font></b></p>
<p align=right style='margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;letter-spacing:0pt;'>&nbsp;</font></b></p>
<p style='margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;letter-spacing:0pt;'>CERTIFICATION </font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;'>I, Joseph Macnow, certify that:</font></p>
<p style='line-height:12.95pt;margin:0in;margin-bottom:.0001pt;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;letter-spacing:0pt;'>&nbsp;</font></p>
<p style='margin-bottom:6.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:line;'>1.&#160;&#160;&#160;&#160; I have reviewed this Quarterly Report on Form 10&#8209;Q of Alexander&#8217;s, Inc.;</font></p>
<p style='margin-bottom:6.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:line;'>2.&#160;&#160;&#160;&#160; 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>
<p style='margin-bottom:6.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:line;'>3.&#160;&#160;&#160;&#160; 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>
<p style='margin-bottom:6.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:line;'>4.&#160;&#160;&#160;&#160; The registrant&#8217;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&#8209;15(e) and 15d&#8209;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>
<p style='margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>a)&#160;&#160;&#160;&#160; 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>
<p style='margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>b)&#160;&#160;&#160; 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>
<p style='margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:line;'>c)&#160;&#160;&#160;&#160; Evaluated the effectiveness of the registrant&#8217;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>
<p style='margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:line;'>d)&#160;&#160;&#160; Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</font></p>
<p style='margin-bottom:6.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:line;'>5.&#160;&#160;&#160;&#160; The registrant&#8217;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</font></p>
<p style='margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.25in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>a)&#160;&#160;&#160;&#160; 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&#8217;s ability to record, process, summarize and report financial information; and</font></p>
<p style='margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:line;'>b)&#160;&#160;&#160; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</font></p>
<p style='margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-indent:0in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin-bottom:0in;margin-left:.75in;margin-right:0in;margin-top:0in;text-indent:0in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
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<p style='margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;letter-spacing:-.1pt;'>May 3, 2010</font></p>
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<p style='margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>&nbsp;</font></p>
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/s/ Joseph Macnow</font></p>
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<p style='margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>&nbsp;</font></p>
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<p style='margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>Joseph Macnow</font></p>
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<p style='margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>&nbsp;</font></p>
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<p style='margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>Executive Vice President and Chief Financial Officer</font></p>
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<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
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<p align=right style='margin:0in;margin-bottom:.0001pt;text-align:right;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>EXHIBIT 32.1</font></b></p>
<p align=right style='margin:0in;margin-bottom:.0001pt;text-align:right;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></b></p>
<p style='margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:line;'>CERTIFICATION</font></b></p>
<h1 style='line-height:12.0pt;margin:0in;margin-bottom:.0001pt;text-align:center;'><b><font face="Times New Roman" style='font-size:10.0pt;layout-grid-mode:both;letter-spacing:-.1pt;text-transform:uppercase;'>Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></b></h1>
<p style='margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:both;'>(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:.25in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:line;'>&nbsp;</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:line;'>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 </font><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>Alexander&#8217;s, Inc.</font><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:line;'> (the &#8220;Company&#8221;), hereby certifies, to such officer&#8217;s knowledge, that</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>:</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>The Quarterly Report on Form 10-Q for the quarter ended March 31, 2010</font><i><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'> </font></i><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>(the &#8220;Report&#8221;) 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:0in;margin-bottom:.0001pt;text-align:justify;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:both;'>&nbsp;</font></b></p>
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<p style='margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>&nbsp;</font></p>
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May 3, 2010</font></p>
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/s/ Steven Roth</font></p>
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<p style='margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>&nbsp;</font></p>
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<p style='margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>Name:</font></p>
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<p style='margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>Steven Roth</font></p>
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<p style='margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>&nbsp;</font></p>
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<p style='margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>&nbsp;</font></p>
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<p style='margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>Title:</font></p>
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<p style='margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>Chief Executive Officer</font></p>
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<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
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<p align=right style='margin:0in;margin-bottom:.0001pt;text-align:right;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>EXHIBIT 32.2</font></b></p>
<p align=right style='margin:0in;margin-bottom:.0001pt;text-align:right;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></b></p>
<p style='margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:line;'>CERTIFICATION</font></b></p>
<h1 style='line-height:12.0pt;margin:0in;margin-bottom:.0001pt;text-align:center;'><b><font face="Times New Roman" style='font-size:10.0pt;layout-grid-mode:both;letter-spacing:-.1pt;text-transform:uppercase;'>Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></b></h1>
<p style='margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:both;'>(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:.25in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;'><b><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:line;'>&nbsp;</font></b></p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:line;'>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 </font><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>Alexander&#8217;s, Inc.</font><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;layout-grid-mode:line;'> (the &#8220;Company&#8221;), hereby certifies, to such officer&#8217;s knowledge, that</font><font face="Times New Roman" lang=EN-US style='font-size:12.0pt;'>:</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>The Quarterly Report on Form 10-Q for the quarter ended March 31, 2010</font><i><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'> </font></i><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>(the &#8220;Report&#8221;) 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:0in;margin-bottom:.0001pt;text-align:justify;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;font-weight:normal;layout-grid-mode:both;'>&nbsp;</font></p>
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<p style='margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>&nbsp;</font></p>
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<p style='margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'><br>
May 3, 2010</font></p>
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<p style='margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>&nbsp;</font></p>
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<p style='margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>&nbsp;</font></p>
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/s/ Joseph Macnow</font></p>
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<p style='margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>Name:</font></p>
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<p style='margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>Joseph Macnow</font></p>
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<p style='margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>Title:</font></p>
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<p style='margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;'><font face="Times New Roman" style='font-size:10.0pt;'>Chief Financial Officer</font></p>
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<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
<p style='margin:0in;margin-bottom:.0001pt;'><font face="Times New Roman" lang=EN-US style='font-size:10.0pt;'>&nbsp;</font></p>
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