<SEC-DOCUMENT>0000798359-13-000098.txt : 20130909
<SEC-HEADER>0000798359-13-000098.hdr.sgml : 20130909
<ACCEPTANCE-DATETIME>20130909163218
ACCESSION NUMBER:		0000798359-13-000098
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20130909
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130909
DATE AS OF CHANGE:		20130909

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INVESTORS REAL ESTATE TRUST
		CENTRAL INDEX KEY:			0000798359
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				450311232
		STATE OF INCORPORATION:			ND
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35624
		FILM NUMBER:		131085940

	BUSINESS ADDRESS:	
		STREET 1:		1400 31ST AVENUE SW, SUITE 60
		STREET 2:		PO BOX 1988
		CITY:			MINOT
		STATE:			ND
		ZIP:			58702-1988
		BUSINESS PHONE:		701-837-4738

	MAIL ADDRESS:	
		STREET 1:		1400 31ST AVENUE SW, SUITE 60
		STREET 2:		PO BOX 1988
		CITY:			MINOT
		STATE:			ND
		ZIP:			58702-1988
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>iretform8k-09092013.htm
<DESCRIPTION>FORM 8-K CURRENT REPORT
<TEXT>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">UNITED STATES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Washington, D.C. 20549</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FORM 8-K</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Date of Report (date of earliest event reported):</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>September 9, 2013</u></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">(Exact name of registrant as specified in its charter)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">North Dakota</div>
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<td style="WIDTH: 30.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">0-14851</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">45-0311232</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(State or other jurisdiction</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">of incorporation)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(Commission</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">File Number)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(IRS Employer</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Identification No.)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1400 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Avenue SW, Suite 60</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Post Office Box 1988</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Minot, ND 58702-1988</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(Address of principal executive offices, including zip code)</div>
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<div style="TEXT-ALIGN: center; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">701-837-4738</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">(Registrant's telephone number, including area code)</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>

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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9633;</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Written communications pursuant to Rule 425 under the Securities Act</td>
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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9633;</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9633;</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act</td>
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<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 10pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9633;</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act</td>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">&#160;</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 2.02. &#160;Results of Operations and Financial Condition.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">and</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 7.01. Regulation FD Disclosure.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">An earnings release issued by the Registrant on September 9, 2013, regarding financial and operational results for the three months ended July 31, 2013, is attached as Exhibit 99.1. Also, certain supplemental information not included in the earnings release is attached as Exhibit 99.2. This information is being furnished pursuant to Item 7.01 and Item 2.02 of Form 8-K. This information is not deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any Securities Act registration statements.</div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 9.01</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial Statements and Exhibits</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(d)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Exhibits</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Exhibit</div>
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<td style="WIDTH: 89.18%; VERTICAL-ALIGN: top">
<div>&#160;</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Number</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Description</div>
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<td style="WIDTH: 10.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 89.18%; VERTICAL-ALIGN: top">
<div>&#160;</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><a href="iretexhibit991-09092013.htm">99.1</a></div>
</td>
<td style="WIDTH: 89.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Earnings Release issued September 9, 2013, regarding financial and operational results for the three months ended July 31, 2013</div>
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<div>&#160;</div>
</td>
<td style="WIDTH: 89.18%; VERTICAL-ALIGN: top">
<div>&#160;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><a href="iretexhibit992-09092013.htm">99.2</a></div>
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<td style="WIDTH: 89.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Certain supplemental information not included in the earnings release</div>
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</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SIGNATURE</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
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<div>&#160;</div>
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<td style="WIDTH: 39.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST</div>
</td>
<td style="WIDTH: 39.26%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 21.47%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 39.26%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 39.26%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 21.47%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 39.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">By: /s/ &#160;Timothy P. Mihalick</div>
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<td style="WIDTH: 39.26%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 21.47%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 39.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 31.5pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Timothy P. Mihalick</div>
</td>
<td style="WIDTH: 39.26%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 21.47%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 39.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 31.5pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">President &amp; Chief Executive Officer</div>
</td>
<td style="WIDTH: 39.26%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 21.47%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 39.26%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 39.26%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Date: September 9, 2013</div>
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<div>&#160;</div>
</td>
<td style="WIDTH: 39.26%; VERTICAL-ALIGN: top">
<div>&#160;</div>
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<DESCRIPTION>TOTAL MORTGAGE DEBT - BAR CHART
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>iretexhibit991-09092013.htm
<DESCRIPTION>EARNINGS RELEASE ISSUED SEPTEMBER 9, 2013, REGARDING FINANCIAL AND OPERATIONAL RESULTS FOR THE THREE MONTHS ENDED JULY 31, 2013
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 99.1</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Earnings Release</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ANNOUNCES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FINANCIAL AND OPERATING RESULTS</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 7.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FOR THE QUARTER ENDED JULY 31, 2013</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 9pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Minot, ND &#8211; September 9, 2013 &#8211; </font>Investors Real Estate Trust (NYSE: IRET) reported<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">&#160;</font>financial and operating results today for the quarter ended July 31, 2013.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 9pt">During the three month period ended July 31, 2013, IRET's revenues increased from the year-earlier period. Funds From Operations (FFO)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> overall increased and on a per share and unit basis remained the same for the three month period ended July 31, 2013 compared to the same period of the prior fiscal year. Net income increased from the year-earlier period. Included in first quarter fiscal year 2014 net income was a gain on involuntary conversion from the receipt of insurance proceeds for the redevelopment of our Chateau apartment property following the fire that destroyed one building in February 2012.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 9pt">For the three month period ended July 31, 2013, as compared to the same period of the prior fiscal year:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt">Revenues increased to $67.2 million from $61.0 million.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt">Total expenses increased by approximately $8.8 million, or 20.4%, in the three months ended July 31, 2013 compared to the three months ended July 31, 2012, from $43.2 million to $52.0 million.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt">FFO increased to $19.7 million on approximately 124,179,000 weighted average shares and units outstanding, from $17.6 million on approximately 111,292,000 weighted average shares and units outstanding ($.16 per share and unit for both periods).</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 9pt">Net Income Available to Common Shareholders, as computed under generally accepted accounting principles, was approximately $199,000 compared to $1.1 million in the same period of the prior fiscal year.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 3pt; FONT-SIZE: 9pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Significant Events and Transactions during the first quarter of fiscal year 2014</font>:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 9pt">the acquisition of a multi-family residential property in Rapid City, South Dakota for $6.2 million, adding 71 units to the Company's multi-family residential portfolio;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 9pt">the disposition of four commercial industrial properties and one commercial retail property, for a total sales price of approximately $21.8 million and a gain of approximately $1.9 million; and</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 9pt">the filing of a registration statement with the Securities and Exchange Commission to enable the Company to offer and sell, from time to time, in one or more offerings, an indeterminate amount of its common and preferred shares of beneficial interest and debt securities.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">IRET's President and Chief Executive Officer, Timothy Mihalick, commented, "We are pleased to report solid results for the quarter, led by contributions from acquisitions and development projects placed in service in fiscal year 2013. During the quarter, we added an additional 71 apartment units in our multi-family portfolio following our purchase of an apartment property in Rapid City, South Dakota, and we continued with our planned disposition of non-core industrial and retail properties, with the sale of four commercial industrial and one commercial retail property. We continue to expect that our development pipeline, including our River Ridge Apartments in Bismarck, North Dakota, our Cypress Court Apartments in St. Cloud, Minnesota, our Landings at Southgate project in Minot, North Dakota, and our Renaissance Heights I project in Williston, North Dakota, will experience strong lease-up at completion. Over the past twelve months, I have discussed IRET's plan to maximize the opportunities in front of us in our home Great Plains region.&#160; I believe progress has been made, and, although we have more work to do, IRET is committed to completing the task at hand."</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">______________________________</div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 6pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6.5pt">1</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 7.5pt">The National Association of Real Estate Investment Trusts, Inc. (NAREIT) defines FFO as "net income (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from sales of property, plus real estate depreciation and amortization, and adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis." &#160;In addition, in October 2011 NAREIT clarified its computation of FFO to exclude impairment charges for all periods presented. FFO is a non-GAAP measure. We consider FFO, which is a standard supplemental measure for equity real estate investment trusts, helpful to investors because it facilitates an understanding of the operating performance of properties without giving effect to impairment write-downs and to real estate depreciation and amortization, which assumes that the value of real estate assets diminishes predictably over time. &#160;Since real estate values instead historically rise or fall with market conditions, we believe that FFO provides investors and management with a more accurate indication of our financial and operating results. See table below for a reconciliation of Net Income to FFO</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">.</font></font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Operating Results</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt">Net Operating Income (NOI)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> from all properties increased by $4.3 million, or 11.8%, during the three month period ended July 31, 2013, compared to the same period one year ago. Non-stabilized properties accounted for $3.4 million of the increase while&#160;stabilized properties added approximately $879,000.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt">Development projects placed into service, which are included in the non-stabilized pool, continue to be strong contributors to NOI as we are experiencing rapid lease up with strong market rents in the communities where IRET is building. The stabilized properties are operating basically consistent with prior periods,&#160;with an NOI increase of $879,000 primarily due to slight increases in occupancy which provided for increased tenant reimbursements in our commercial office, commercial healthcare and commercial industrial segments. Detail on NOI by segment is provided in the Company's Quarterly Report on Form 10-Q for the quarter ended July 31, 2013.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt">Physical occupancy as of July 31, 2013 compared to July 31, 2012 increased slightly in two of our five reportable segments (commercial office and commercial healthcare), decreasing slightly in our multi-family residential and commercial industrial segments, on a stabilized basis and an all-property basis. Physical occupancy as of July 31, 2013 compared to July 31, 2012 in our commercial retail segment decreased 7.5% and 7.4% on a stabilized basis and an all-property basis, respectively, primarily due to the expiration of an anchor tenant's lease for 84,338 square feet at our Jamestown Buffalo Mall property during the first quarter of fiscal year 2014. A new lease for the vacant space was executed in the first quarter of fiscal year 2014 with an effective date of August 1, 2013.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt">Physical Occupancy Levels on a Stabilized Property and All Property Basis:</div>

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<div>&#160;</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Stabilized Properties<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(a)</sup></div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">All Properties</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">As of July 31,</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">As of &#160;July 31,</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2013</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">93.3%</div>
</td>
<td style="WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">94.1%</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">92.9%</div>
</td>
<td style="WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">93.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Office</div>
</td>
<td style="WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">80.2%</div>
</td>
<td style="WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">79.0%</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">80.2%</div>
</td>
<td style="WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">79.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Healthcare</div>
</td>
<td style="WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">95.5%</div>
</td>
<td style="WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">95.2%</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">95.4%</div>
</td>
<td style="WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.4pt">95.2%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Industrial</div>
</td>
<td style="WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">86.1%</div>
</td>
<td style="WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">87.4%</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">87.5%</div>
</td>
<td style="WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.4pt">88.5%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Retail</div>
</td>
<td style="WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">79.6%</div>
</td>
<td style="WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">87.1%</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">79.7%</div>
</td>
<td style="WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.4pt">87.1%</div>
</td>
</tr>
</table>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 7.5pt">a.</div>
</td>
<td style="WIDTH: 93.18%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 7.5pt; FONT-WEIGHT: bold">Non-stabilized properties consist of the following properties (re-development and in-service development properties are listed in bold type):</div>

<div>&#160;</div>
</td>
<td style="WIDTH: 0.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt">FY2014 -</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 16.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 7.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 7.5pt">Multi-Family Residential</font> -</div>
</td>
<td style="WIDTH: 76.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt">Alps Park, Rapid City, SD; Chateau I, Minot, ND; <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Colonial Villa, Burnsville, MN</font>; Colony, Lincoln, NE; <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">First Avenue, Minot, ND</font>; Lakeside Village, Lincoln, NE; Ponds at Heritage Place, Sartell, MN; <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Quarry Ridge II, Rochester, MN</font>; Villa West, Topeka, KS; Whispering Ridge, Omaha, NE and <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Williston Garden, Williston, ND</font>.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt">Total number of units, 1,809.</div>
</td>
<td style="WIDTH: 0.16%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 16.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 7.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 7.5pt">Commercial Healthcare</font> -</div>
</td>
<td style="WIDTH: 76.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Jamestown Medical Office Building, Jamestown, ND.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt">Total rentable square footage, 45,222.</div>
</td>
<td style="WIDTH: 0.16%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 16.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 7.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 7.5pt">Commercial Industrial</font> -</div>
</td>
<td style="WIDTH: 76.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Minot IPS, Minot, ND </font>and <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Stone Container, Roseville, MN</font>.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt">Total rentable square footage, 256,770.</div>
</td>
<td style="WIDTH: 0.16%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 16.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 7.5pt">Commercial Retail -</div>
</td>
<td style="WIDTH: 76.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Arrowhead First International Bank, Minot, ND</font>.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt">Total rentable square footage, 3,702.</div>
</td>
<td style="WIDTH: 0.16%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 16.62%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 76.56%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.16%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt">FY2013 -</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 16.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 7.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 7.5pt">Multi-Family Residential</font> -</div>
</td>
<td style="WIDTH: 76.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt">Chateau I, Minot, ND; Colony, Lincoln, NE; Lakeside Village, Lincoln, NE; <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Quarry Ridge II, Rochester, MN</font>; Villa West, Topeka, KS and <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Williston Garden, Williston, ND</font>.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt">Total number of units, 1,326.</div>
</td>
<td style="WIDTH: 0.16%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 7.5pt">______________________________</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 9pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 5pt; VERTICAL-ALIGN: top; align: right">2</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 7.5pt; VERTICAL-ALIGN: top">We measure the performance of our segments based on NOI, which we define as total real estate revenues and gain on involuntary conversion less real estate expenses (which consist of utilities, maintenance, real estate taxes, insurance, property management expenses and other property expenses). We believe that NOI is an important supplemental measure of operating performance for a real estate investment trust's operating real estate because it provides a measure of core operations that is unaffected by depreciation, amortization, financing and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders or cash flow from operating activities as a measure of financial performance. See tables below for a reconciliation of NOI to the condensed consolidated financial statements.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 7.5pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 9pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 5pt; VERTICAL-ALIGN: top; align: right">3</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 7.5pt; VERTICAL-ALIGN: top">Stabilized properties are properties owned or in service for the entirety of the periods being compared, and, in the case of development or re-development properties, which have achieved a target level of occupancy of 90% for multi-family residential properties and 85% for commercial office, healthcare, industrial and retail properties.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">ii</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="MARGIN-BOTTOM: 7.5pt"><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Acquisitions and Dispositions</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 9pt">During the first quarter of fiscal year 2014, the Company closed on its acquisitions of:</div>

<div>
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<tr style="HEIGHT: 35px">
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 10.5pt; MARGIN-LEFT: 36pt; FONT-SIZE: 9pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 9pt">a 71-unit multi-family residential property in Rapid City, South Dakota, on approximately 3.2 acres of land, for a purchase price of $6.2 million, of which $2.9 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.3 million; and</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 10.5pt; MARGIN-LEFT: 36pt; FONT-SIZE: 9pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 9pt">an approximately 0.7-acre parcel of vacant land in Minot, North Dakota for a purchase price, including acquisition costs, &#160;of $179,000, paid in cash.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt">During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property for a total sales price of approximately $21.8 million.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Shareholder Equity, Distributions and Capital Structure</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt">As of July 31, 2013, IRET had a total capitalization of $2.3 billion. Total capitalization is defined as the market value (closing price at end of period) of the Company's outstanding common shares and the imputed market value of the outstanding limited partnership units of IRET Properties (which are convertible, at the expiration of a specified holding period, into cash or, at the Company's sole discretion, into common shares of the Company on a one-to-one basis), plus the book value of the Company's preferred shares and the outstanding principal balance of the consolidated debt of the Company.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt">On July 1, 2013, IRET paid a quarterly distribution of $0.1300 per share and unit on its common shares and limited partnership units of IRET Properties. This was IRET's 169<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> consecutive distribution. IRET also paid, on July 1, 2013, a quarterly distribution of $0.5156 per share on its Series A preferred shares and a quarterly distribution of $0.4968 per share on its Series B preferred shares.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Distribution Declared</font>. &#160;Subsequent to the end of the first quarter of fiscal year 2014, on September 4, 2013, the Company's Board of Trustees declared a regular quarterly distribution of $0.1300 per share and unit on the Company's common shares of beneficial interest and the limited partnership units of IRET Properties, payable October 1, 2013 to common shareholders and unitholders of record on September 16, 2013. Also on September 4, 2013, the Company's Board of Trustees' declared a distribution of $0.5156 per share on the Company's Series A preferred shares of beneficial interest, payable September 30, 2013 to Series A preferred shareholders of record on September 16, 2013, and declared a distribution of $0.4968 per share on the Company's Series B preferred shares of beneficial interest, payable September 30, 2013 to Series B preferred shareholders of record on September 16, 2013.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Conference Call Information</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt">The Conference Call for<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>1st Quarter Earnings is scheduled for Tuesday, September 10, 2013 at 9:00 A.M. Central Time. &#160;The call will be limited to one hour, including questions and answers. &#160;Conference call access information is as follows:</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt">USA Toll Free Number: 1-888-317-6016</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt">International Toll Free Number: 1-412-317-6016</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt">Canada Toll Free Number: 1-855-669-9657</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt">A webcast and transcript of the call will be archived on the "Investors/ Presentations &amp; Events/Presentations" page of IRET's website, http://www.iret.com, for one year. &#160;Questions regarding the conference call should be directed to IRET Investor Relations at landerson@iret.com.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt; FONT-WEIGHT: bold">About IRET</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 9pt">IRET is a self-administered, equity real estate investment trust investing in income-producing properties located primarily in the upper Midwest. IRET owns a diversified portfolio of properties consisting of 88 multi-family residential properties with 10,351 apartment units; and 68 commercial office properties, 65 commercial healthcare properties (including senior housing), 14 commercial industrial properties and 28 commercial retail properties with a total of approximately 12.0 million square feet of leasable space. &#160;IRET common shares, Series A preferred shares and Series B preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET, IRETPR and IRETPRB, respectively). IRET's press releases and supplemental information are available on the Company website at www.iret.com or by contacting Investor Relations at 701-837-4738.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 8pt">Certain statements in this earnings release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. &#160;Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from projected results. Such risks, uncertainties and other factors include, but are not limited to: intentions and expectations regarding future distributions on our common shares and units, fluctuations in interest rates, the effect of government regulation, the availability of capital, changes in general and local economic and real estate market conditions, competition, our ability to attract and retain skilled personnel, and those risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including our 2013 Form 10-K. &#160;We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">iii</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">CONDENSED CONSOLIDATED BALANCE SHEETS <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(unaudited)</font></div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.41%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands, except share data)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">July 31, 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.94%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">April 30, 2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">ASSETS</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Real estate investments</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Property owned</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,016,523</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,032,970</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Less accumulated depreciation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(429,376)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(420,421)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,587,147</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,612,549</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Development in progress</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">77,396</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">46,782</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Unimproved land</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,774</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,503</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total real estate investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,685,317</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,680,834</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9.35pt; FONT-SIZE: 10pt">Real estate held for sale</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,969</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cash and cash equivalents</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">93,193</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">94,133</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other investments</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">640</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">639</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Receivable arising from straight-lining of rents, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">net of allowance of $752 and $830, respectively</font></div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">26,671</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">26,354</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accounts receivable, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">net of allowance of $388 and $563, respectively</font></div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,370</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,534</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate deposits</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">489</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">196</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Prepaid and other assets</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,741</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,124</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Intangible assets, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">net of accumulated amortization of $24,019 and $27,708, respectively</font></div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">36,989</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">40,457</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Tax, insurance, and other escrow</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">12,344</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">12,569</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Property and equipment, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">net of accumulated depreciation of $1,757 and $1,673, respectively</font></div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,217</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,221</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Goodwill</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,100</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,106</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Deferred charges and leasing costs, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">net of accumulated amortization of $19,810 and $18,714, respectively</font></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,602</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,387</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">TOTAL ASSETS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,896,642</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,889,554</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">LIABILITIES AND EQUITY</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">LIABILITIES</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accounts payable and accrued expenses</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">52,563</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">50,797</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Revolving line of credit</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,000</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,000</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Mortgages payable</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,030,407</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,049,206</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">32,366</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">18,170</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">TOTAL LIABILITIES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,125,336</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,128,173</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">COMMITMENTS AND CONTINGENCIES</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">EQUITY</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Investors Real Estate Trust shareholders' equity</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Series A Preferred Shares of Beneficial Interest <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(Cumulative redeemable preferred shares, no par value, 1,150,000 shares issued and outstanding at July 31, 2013 and April 30, 2013, aggregate liquidation preference of $28,750,000)</font></div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,317</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,317</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Series B Preferred Shares of Beneficial Interest <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(Cumulative redeemable preferred shares, no par value, 4,600,000 shares issued and outstanding at July 31, 2013 and April 30, 2013, aggregate liquidation preference of $115,000,000)</font></div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">111,357</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">111,357</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Common Shares of Beneficial Interest <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(Unlimited authorization, no par value, 104,226,469 shares issued and outstanding at July 31, 2013, and 101,487,976 shares issued and outstanding at April 30, 2013)</font></div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">807,928</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">784,454</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accumulated distributions in excess of net income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(323,406)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(310,341)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total Investors Real Estate Trust shareholders' equity</div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">623,196</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">612,787</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Noncontrolling interests &#8211; Operating Partnership <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(21,848,891 units at July 31, 2013 and 21,635,127 units at April 30, 2013)</font></div>
</td>
<td style="WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">122,334</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">122,539</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff; HEIGHT: 15px">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Noncontrolling interests &#8211; consolidated real estate entities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">25,776</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">26,055</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total equity</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">771,306</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">761,381</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">TOTAL LIABILITIES AND EQUITY</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,896,642</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,889,554</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">iv</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(unaudited)</font></div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">for the three months ended July 31, 2013 and 2012</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.34%; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands, except per share data)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.34%; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">July 31</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
</tr>

<tr>
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">REVENUE</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate rentals</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">55,039</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">50,458</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Tenant reimbursement</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">12,143</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,517</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">TOTAL REVENUE</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">67,182</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">60,975</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">EXPENSES</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation/amortization related to real estate investments</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">18,528</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,063</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Utilities</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,051</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,194</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Maintenance</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,912</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,312</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate taxes</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,862</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,242</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Insurance</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,347</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">901</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Property management expenses</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,242</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,701</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other property expenses</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">177</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">335</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Administrative expenses</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,524</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,960</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Advisory and trustee services</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">229</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">136</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">679</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">519</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Amortization related to non-real estate investments</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">990</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">822</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,458</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">TOTAL EXPENSES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">51,999</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">43,185</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Operating income</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,149</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">17,790</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(14,799)</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(16,069)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest income</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">188</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">18</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">124</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from continuing operations</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,560</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,863</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Income from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,656</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">133</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">NET INCOME</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,216</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,996</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income attributable to noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(50)</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(251)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income attributable to noncontrolling interests &#8211; consolidated real estate entities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(88)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">(66)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income attributable to Investors Real Estate Trust</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,078</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,679</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(593)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">NET INCOME AVAILABLE TO COMMON SHAREHOLDERS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">199</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,086</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">(Loss) earnings per common share from continuing operations &#8211; Investors Real Estate Trust &#8211; basic and diluted</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(.01)</div>
</td>
<td style="WIDTH: 4.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.01</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Earnings per common share from discontinued operations &#8211; Investors Real Estate Trust &#8211; basic and diluted</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.01</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">NET INCOME PER COMMON SHARE &#8211; BASIC AND DILUTED</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.01</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 66.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">DIVIDENDS PER COMMON SHARE</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 12.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.1300</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 12.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.1300</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">v</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">RECONCILIATION OF NET INCOME ATTRIBUTABLE TO</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">INVESTORS REAL ESTATE TRUST TO FUNDS FROM OPERATIONS</div>

<div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">for the three months ended July 31, 2013 and 2012<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><br>
</font></font><br>
</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 41.35%; VERTICAL-ALIGN: bottom" rowspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended July 31,</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 58.65%; VERTICAL-ALIGN: bottom" colspan="10">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands, except per share amounts)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 29.22%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 29.43%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 41.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.82%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Weighted</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Avg Shares</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">and Units<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Per</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Share and</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Unit<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Weighted</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Avg Shares</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">and Units<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.91%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Per</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Share</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">And</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Unit<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 41.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income attributable to Investors Real Estate Trust</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,078</div>
</td>
<td style="WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,679</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 41.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Less dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
<td style="WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(593)</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 41.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income available to common shareholders</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">199</div>
</td>
<td style="WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">102,358</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 5.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0.00</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,086</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">90,518</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 5.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.01</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 41.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Adjustments:</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 41.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Noncontrolling interest &#8211; Operating Partnership</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">50</div>
</td>
<td style="WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,821</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">251</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,774</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 41.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Depreciation and amortization<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19,555</div>
</td>
<td style="WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,187</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 41.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,803</div>
</td>
<td style="WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 41.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Gain on depreciable property sales</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(1,943)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">73</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 41.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Funds from operations applicable to common shares and Units</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19,664</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 12.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">124,179</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.16</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">17,597</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">111,292</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.16</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 10pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 16.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">Real estate depreciation and amortization consists of the sum of depreciation/amortization related to real estate investments and amortization related to non-real estate investments from the Condensed Consolidated Statements of Operations, totaling $19,518 and $15,885, and depreciation/amortization from Discontinued Operations of $68 and $401, less corporate-related depreciation and amortization on office equipment and other assets of $31 and $99, for the three months ended July 31, 2013 and 2012, respectively.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(2)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">UPREIT Units of the Operating Partnership are exchangeable for cash, or, at the Company's discretion, for common shares of beneficial interest on a one-for-one basis.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 16.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(3)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">Net income attributable to Investors Real Estate Trust is calculated on a per share basis. FFO is calculated on a per share and unit basis.</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">vi</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">RECONCILATION OF NET OPERATING INCOME TO THE</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</div>
</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">for the three months ended July 31, 2013 and 2012</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.64%; VERTICAL-ALIGN: bottom" rowspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.36%; VERTICAL-ALIGN: bottom" colspan="12">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.66%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Multi-Family<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Residential</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.06%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Office</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.21%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Healthcare</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.08%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Industrial</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.4%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.94%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">Real estate revenue</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 7.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">24,582</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">19,744</div>
</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">16,072</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">3,456</div>
</td>
<td style="WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">3,328</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">67,182</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">Real estate expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">10,959</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">9,985</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">4,282</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">1,039</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">1,326</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,591</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">Net operating income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">14,589</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">9,759</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">11,790</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">2,417</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">2,002</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">40,557</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation/amortization</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">(19,518)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 43.3%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Administrative, advisory and trustee services</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">(2,753)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 43.3%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">(679)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">(1,458)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">(14,799)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">210</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 89.06%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from continuing operations</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,560</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 89.06%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,656</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 89.06%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Net income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,216</div>
</td>
</tr>
</table>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.61%; VERTICAL-ALIGN: bottom" rowspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.39%; VERTICAL-ALIGN: bottom" colspan="12">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Multi-Family<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Residential</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.62%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Office</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Healthcare</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Industrial</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.88%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.84%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">Real estate revenue</div>
</td>
<td style="WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">21,210</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">18,778</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">15,073</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">2,788</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">3,126</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">60,975</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">Real estate expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">9,293</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">9,336</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">4,080</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">896</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">1,080</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">24,685</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">Net operating income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">11,917</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">9,442</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">10,993</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">1,892</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">2,046</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">36,290</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation/amortization</div>
</td>
<td style="WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">(15,885)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 43.31%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Administrative, advisory and trustee services</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">(2,096)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">(519)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">(16,069)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">142</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from continuing operations</div>
</td>
<td style="WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,863</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from discontinued operations</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">133</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">Net income</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
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<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,996</div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>iretexhibit992-09092013.htm
<DESCRIPTION>CERTAIN SUPPLEMENTAL INFORMATION NOT INCLUDED IN THE EARNINGS RELEASE
<TEXT>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 99.2</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">First Quarter Fiscal 2014</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplemental Operating and Financial Data</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">for the Quarter Ended July 31, 2013</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONTACT:</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Lindsey Knoop-Anderson</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Director of Investor Relations</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Direct Dial: 701-837-4738</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">E-Mail: landerson@iret.com</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1400 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Avenue SW, Suite 60</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Minot, ND 58701</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Tel: 701.837.4738</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Fax: 701.838.7785</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">www.iret.com</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplemental Financial and Operating Data</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="TableofContents"><!--Anchor--></a>Table of Contents</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">July 31, 2013</div>

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<div>&#160;</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; MARGIN-LEFT: 8.8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Company Background and Highlights</font><font style="FONT-SIZE: 5.03pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; MARGIN-LEFT: 8.8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Property Cost by Segment</font><font style="FONT-SIZE: 5.03pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">5</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 8.8pt; FONT-SIZE: 10pt">Key Financial Data</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 19.8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Condensed Consolidated Balance Sheets</font><font style="FONT-SIZE: 5.03pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 19.8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Condensed Consolidated Statements of Operations</font><font style="FONT-SIZE: 5.03pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 19.8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Funds From Operations</font><font style="FONT-SIZE: 5.03pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 19.8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)</font><font style="FONT-SIZE: 5.03pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 8.8pt; FONT-SIZE: 10pt">Capital Analysis</div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 19.8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Long-Term Mortgage Debt Analysis</font><font style="FONT-SIZE: 5.03pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">10</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 19.8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Long-Term Mortgage Debt Detail</font><font style="FONT-SIZE: 5.03pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">11-13</div>
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<tr style="BACKGROUND-COLOR: #ffffff">
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 19.8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Capital Analysis</font><font style="FONT-SIZE: 5.03pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">14</div>
</td>
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<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
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<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 8.8pt; FONT-SIZE: 10pt">Portfolio Analysis</div>
</td>
<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
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<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 19.8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Stabilized Properties Net Operating Income Summary</font><font style="FONT-SIZE: 5.03pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">15</div>
</td>
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<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 19.8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Net Operating Income Detail</font><font style="FONT-SIZE: 5.03pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">16-17</div>
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<tr style="BACKGROUND-COLOR: #cceeff">
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 19.8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Stabilized Properties and Overall Physical Occupancy Levels by Segment</font><font style="FONT-SIZE: 5.03pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">18</div>
</td>
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<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 8.8pt; FONT-SIZE: 10pt">Tenant Analysis</div>
</td>
<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
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<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 19.8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Multi-Family Residential Summary</font><font style="FONT-SIZE: 5.03pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">19</div>
</td>
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<tr style="BACKGROUND-COLOR: #cceeff">
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 19.8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Commercial Leasing Summary</font><font style="FONT-SIZE: 5.03pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">20-21</div>
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<tr style="BACKGROUND-COLOR: #ffffff">
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 19.8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">10 Largest Commercial Tenants - Based on Annualized Base Rent</font><font style="FONT-SIZE: 5.03pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">22</div>
</td>
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<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 19.8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Commercial Lease Expirations</font><font style="FONT-SIZE: 5.03pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">23</div>
</td>
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<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff; HEIGHT: 13px">
<td style="WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.8pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 8.8pt; FONT-SIZE: 10pt">Growth and Strategy</div>
</td>
<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 19.8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Acquisition Summary</font><font style="FONT-SIZE: 5.03pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">24</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 19.8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Development Summary</font><font style="FONT-SIZE: 5.03pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">25</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 95.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Company Background and Highlights</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">First Quarter Fiscal 2014</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 9pt">Investors Real Estate Trust is a self-administered, equity real estate investment trust (REIT) investing in a portfolio of income-producing properties located primarily in the upper Midwest. &#160;IRET's portfolio is diversified among multi-family residential; commercial office; commercial healthcare, including senior housing; commercial industrial and commercial retail segments.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 9pt">During the first quarter of fiscal year 2014, the Company closed on its acquisitions of:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 9pt">a 71-unit multi-family residential property in Rapid City, South Dakota, on approximately 3.2 acres of land, for a purchase price of $6.2 million, of which $2.9 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.3 million; and</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 9pt">an approximately 0.7-acre parcel of vacant land in Minot, North Dakota for a purchase price, including acquisition costs, &#160;of $179,000, paid in cash.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 9pt">During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property for a total sales price of approximately $21.8 million.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 9pt">During the first quarter of fiscal year 2014, high occupancy levels in the Company's multi-family residential portfolio allowed the Company to implement selected rent increases, and revenue and net operating income in the segment increased compared to the same quarter of the previous fiscal year. These gains are in large part due to the continuing housing shortage in certain of the Company's markets impacted by the energy activity in the Bakken region. The Company expects to see continued favorable results in the multi-family segment in the remainder of fiscal year 2014, with several multi-family residential development projects now completed and in lease-up subsequent to the end of the quarter, as follows: phase 1 of the Company's Cypress Court project in St Cloud, Minnesota; phase 1 of the Company's River Ridge project in Bismarck, North Dakota and the Landings at Southgate in Minot, North Dakota.&#160; However, the Company's ability to maintain occupancy levels and selectively raise rents remains dependent on continued economic recovery and employment and wage growth. The Company also continues to observe considerable multi-family residential development activity in the Company's markets, and as this new construction is completed and leased, IRET will experience increased competition for tenants.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 9pt">The Company's commercial office segment is still negatively affected by a number of adverse macro conditions, including unemployment levels that remain elevated and stagnant wage growth. Absorption rates generally remain low, and businesses, in a continued focus on efficiency and costs, appear to be maintaining their goal of increasing the density of their work spaces by placing more employees in less total square footage, and downsizing upon lease renewals. The Company continues to expect recovery of the overall office market to be challenged by the slow and uneven recovery of the broader economy and by relatively high unemployment rates. In the Company's retail segment, the increase in vacancy compared to the same period of the prior fiscal year is primarily due to the move out during the quarter of an anchor tenant at the Company's Jamestown Buffalo Mall property. The Company subsequently filled this vacancy with a new anchor tenant whose lease commenced on August 1, 2013.&#160; Absorption of retail space in the Company's markets remains modest, and the Company has seen little new retail development in its markets. The Company's markets generally experienced healthy absorption of industrial space during the first quarter of fiscal year 2014, although office showroom space continued to lag. Industrial rents do not yet appear to be rising to reflect continuing space absorption, but tenant concessions appear to be dissipating. The Company's healthcare segment consists of medical office properties and senior housing facilities. The medical office sector remains stable with modest increases in both occupancy and rents, as the uncertainty of healthcare reform is replaced with implementation. Likewise, senior housing assets continue to benefit from a recovery of the housing market, as occupancy trends are closely aligned with the ability of seniors to sell their homes in anticipation of moving to a senior care facility.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 9pt">The Company plans to continue in the remainder of fiscal year 2014 its selective disposition of assets in non-core markets, particularly industrial and retail segment assets, and intends to use the proceeds from these dispositions to continue deleveraging its portfolio and for developing and acquiring high-quality assets in its multi-family and healthcare segments.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 9pt">In the first quarter of fiscal year 2014, IRET paid its 169<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> consecutive quarterly distribution. The $0.1300 per share/unit distribution was payable on July 1, 2013. Subsequent to the end of the first quarter of fiscal year 2014, on September 4, 2013, the Company's Board of Trustees declared a regular quarterly distribution of $0.1300 per share and unit on the Company's common shares of beneficial interest and the limited partnership units of IRET Properties, payable October 1, 2013 to common shareholders and unitholders of record on September 16, 2013. Also on September 4, 2013, the Company's Board of Trustees' declared a distribution of $0.5156 per share on the Company's Series A preferred shares of beneficial interest, payable September 30, 2013 to Series A preferred shareholders of record on September 16, 2013, and declared a distribution of $0.4968 per share on the Company's Series B preferred shares of beneficial interest, payable September 30, 2013 to Series B preferred shareholders of record on September 16, 2013.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 9pt">As of July 31, 2013, IRET owns a diversified portfolio of 263 properties consisting of 88 multi-family residential properties, 68 commercial office properties, 65 commercial healthcare properties (including senior housing), 14 commercial industrial properties and 28 commercial retail properties. &#160;IRET's common shares are publicly traded on the New York Stock Exchange (NYSE: IRET).</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Company Snapshot</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">(as of July 31, 2013)</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Company Headquarters</font><font style="FONT-SIZE: 5.06pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Minot, North Dakota</div>
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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Fiscal Year-End</font><font style="FONT-SIZE: 5.06pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">April 30</div>
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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Reportable Segments</font><font style="FONT-SIZE: 5.06pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Multi-Family Residential, Commercial Office, Commercial Healthcare, Commercial Industrial, Commercial Retail</div>
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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total Properties</font><font style="FONT-SIZE: 5.06pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">263</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total Square Feet</div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 9pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(commercial properties)</font><font style="FONT-SIZE: 5.09pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">12.0 million</div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 9pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(multi-family residential properties)</font><font style="FONT-SIZE: 5.09pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">10,351</div>
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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Common Shares Outstanding (thousands)</font><font style="FONT-SIZE: 5.06pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">104,226</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Limited Partnership Units Outstanding (thousands)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">21,849</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Common Share Distribution - Quarter/Annualized</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$0.13/$0.52</div>
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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Dividend Yield</font><font style="FONT-SIZE: 5.06pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">6.0%</div>
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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total Capitalization (see p.14 for detail)</font><font style="FONT-SIZE: 5.06pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$2.3 billion</div>
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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Jeffrey L. Miller</font><font style="FONT-SIZE: 5.08pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Stephen L. Stenehjem</font><font style="FONT-SIZE: 5.08pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td style="WIDTH: 70.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Trustee</div>
</td>
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<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 29.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">John D. Stewart</font><font style="FONT-SIZE: 5.08pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td style="WIDTH: 70.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Trustee, Vice Chairman, and Chair of Audit Committee</div>
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</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 29.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">John T. Reed</font><font style="FONT-SIZE: 5.08pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td style="WIDTH: 70.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Trustee, Chair of Nominating and Governance Committee</div>
</td>
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<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 29.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">W. David Scott</font><font style="FONT-SIZE: 5.08pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td style="WIDTH: 70.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Trustee, Chair of Compensation Committee</div>
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<td style="WIDTH: 29.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Jeffrey K. Woodbury</font><font style="FONT-SIZE: 5.08pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td style="WIDTH: 70.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Trustee</div>
</td>
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<td style="WIDTH: 29.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Linda J. Hall</font><font style="FONT-SIZE: 5.08pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td style="WIDTH: 70.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Trustee</div>
</td>
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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Thomas A. Wentz, Jr.</font><font style="FONT-SIZE: 5.08pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td style="WIDTH: 70.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Trustee, Executive Vice President and Chief Operating Officer</div>
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<td style="WIDTH: 29.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Timothy P. Mihalick</font><font style="FONT-SIZE: 5.08pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td style="WIDTH: 70.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Trustee, President and Chief Executive Officer</div>
</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Management</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Timothy P. Mihalick</font><font style="FONT-SIZE: 5.08pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td style="WIDTH: 70.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">President and Chief Executive Officer; Trustee</div>
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<td style="WIDTH: 29.17%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Thomas A. Wentz, Jr</font><font style="FONT-SIZE: 5.08pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td style="WIDTH: 70.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Executive Vice President and Chief Operating Officer; Trustee</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 29.17%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Diane K. Bryantt</font><font style="FONT-SIZE: 5.08pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td style="WIDTH: 70.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Executive Vice President and Chief Financial Officer</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 29.17%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Michael A. Bosh</font><font style="FONT-SIZE: 5.08pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td style="WIDTH: 70.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Executive Vice President, General Counsel and <font style="FONT-FAMILY: 'Trebuchet MS', sans-serif; COLOR: #737373; FONT-SIZE: 6pt">Assistant Secretary</font></div>
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</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 29.17%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Mark Reiling</font><font style="FONT-SIZE: 5.08pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td style="WIDTH: 70.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Executive Vice President of Asset Management</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 29.17%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Charles A. Greenberg</font><font style="FONT-SIZE: 5.08pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td style="WIDTH: 70.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Senior Vice President, Commercial Asset Management</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 29.17%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Ted E. Holmes</font><font style="FONT-SIZE: 5.08pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td style="WIDTH: 70.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Senior Vice President, Finance</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 29.17%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Andrew Martin</font><font style="FONT-SIZE: 5.08pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td style="WIDTH: 70.83%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Senior Vice President, Residential Property Management</div>
</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Corporate Headquarters:</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1400 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Avenue SW, Suite 60</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Post Office Box 1988</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">Minot, North Dakota 58702-1988</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Trading Symbol: &#160;IRET</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">Stock Exchange Listing: &#160;NYSE</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investor Relations:</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Lindsey Knoop-Anderson</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">landerson@iret.com</div>

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<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TableofContents">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">3</div>

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<div><br>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Share Data (NYSE: IRET)*</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 39.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Quarter</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal Year 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Quarter</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal Year 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.52%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> Quarter</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal Year 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.66%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> Quarter</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal Year 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Quarter</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal Year 2013</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">High Closing Price</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9.77</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">10.00</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9.40</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">8.49</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">8.31</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Low Closing Price</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">8.09</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9.20</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">7.73</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">7.92</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">7.05</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Average Closing Price</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9.03</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9.59</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">8.70</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">8.25</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">7.57</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Closing Price at end of quarter</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">8.64</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9.73</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9.36</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">8.42</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">8.16</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Common Share Distributions&#8212;annualized</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0.520</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0.520</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0.520</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0.520</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0.520</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Closing Dividend Yield - annualized</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">6.0%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.1pt">5.3%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5.6%</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">6.2%</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">6.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Closing common shares outstanding (thousands)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">104,226</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">101,488</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">94,386</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">93,161</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">91,812</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Closing limited partnership units outstanding (thousands)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">21,849</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">21,635</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">21,489</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">21,336</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">21,171</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 39.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Closing market value of outstanding common shares, plus imputed closing market value of outstanding limited partnership units (thousands)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,089,288</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,197,987</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,084,590</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">964,065</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">921,941</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">*Effective December 18, 2012, IRET transferred the listing of its common shares and Series A preferred shares to the New York Stock Exchange from the NASDAQ Global Select Market.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Certain statements in these supplemental disclosures are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from projected results. Such risks, uncertainties and other factors include, but are not limited to: intentions and expectations regarding future distributions on our common shares and units, fluctuations in interest rates, the effect of government regulation, the availability of capital, changes in general and local economic and real estate market conditions, competition, our ability to attract and retain skilled personnel, and those risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including our 2013 Form 10-K. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>First Quarter Fiscal 2014 Developments in Progress (architects' drawings)</u></div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center"><img src="image1.jpg"></div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center"><img src="image2.jpg"></div>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top" colspan="2"></td>
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<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Chateau II</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1805 2nd Ave SW<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><br>
</font> Minot, ND</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cypress Court</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><br>
</font>906 Cypress Road<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><br>
</font> St. Cloud, MN 56303</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; MARGIN-LEFT: 18.8pt"><img src="image3.jpg"></div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; MARGIN-LEFT: 18.8pt"><img src="image4.jpg"></div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The Landing at Southgate</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">1910 35th Ave SW<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><br>
</font> Minot, ND 58701</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">River Ridge Apartments</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">2130 S. 12th Street<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><br>
</font> Bismarck, ND 58504</div>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
</tr>
</table>

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<div><br>
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<div><br>
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<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<div><br>
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<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Property Cost by Segment &#8211; First Quarter Fiscal 2014</u></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">With investments in the multi-family residential and commercial office, commercial healthcare, commercial industrial and commercial retail segments, IRET's diversified portfolio helps to provide stability during market fluctuations in returns from specific property types.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">CONDENSED CONSOLIDATED BALANCE SHEETS<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"> (unaudited)</font></div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">(in thousands)</div>

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<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.66%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">7/31/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.86%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">4/30/2013</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.36%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">1/31/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">10/31/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.95%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">07/31/2012</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">ASSETS</div>
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<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Real estate investments</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
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<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Property owned</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,016,523</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,032,970</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,007,832</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,983,978</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,979,099</div>
</td>
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<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Less accumulated depreciation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(429,376)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.05pt">(420,421)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.05pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.05pt">(408,400)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.05pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.05pt">(394,256)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.05pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.05pt">(387,286)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,587,147</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,612,549</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,599,432</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,589,722</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,591,813</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Development in progress</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">77,396</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">46,782</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">20,127</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">23,218</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">10,498</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Unimproved land</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">20,774</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">21,503</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">18,879</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">11,670</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">10,990</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Total real estate investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,685,317</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,680,834</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,638,438</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,624,610</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,613,301</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Real estate held for sale</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">3,969</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">733</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,844</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,131</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Cash and cash equivalents</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">93,193</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">94,133</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">62,302</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">84,258</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">37,002</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Other investments</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">640</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">639</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">638</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">637</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">635</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Receivable arising from straight-lining of rents, net of allowance</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">26,671</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">26,354</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">25,471</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">24,895</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">24,127</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Accounts receivable, net of allowance</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">8,370</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">4,534</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">3,560</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,854</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">6,448</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Real estate deposits</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">489</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">196</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">165</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">55</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">4</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Prepaid and other assets</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">4,741</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">5,124</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">5,545</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,101</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">3,070</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Intangible assets, net of accumulated amortization</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">36,989</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">40,457</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">41,009</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">42,281</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">43,796</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Tax, insurance, and other escrow</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">12,344</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">12,569</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">13,306</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">12,177</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">13,161</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Property and equipment, net of accumulated depreciation</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,217</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,221</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,288</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,351</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,332</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Goodwill</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,100</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,106</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,106</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,110</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,120</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Deferred charges and leasing costs, net of accumulated amortization</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">21,602</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">22,387</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">22,513</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">21,164</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">21,932</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">TOTAL ASSETS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,896,642</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,889,554</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,816,074</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,819,337</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,767,059</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">LIABILITIES AND EQUITY</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">LIABILITIES</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Accounts payable and accrued expenses</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">52,563</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">50,797</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">44,540</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">38,762</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">41,084</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Revolving line of credit</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">10,000</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">10,000</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">10,000</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">10,000</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">44,500</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Mortgages payable</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,030,407</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,049,206</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,041,623</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,045,197</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,080,655</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">32,366</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">18,170</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">21,632</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">32,889</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">25,094</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">TOTAL LIABILITIES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,125,336</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,128,173</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,117,795</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,126,848</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,191,333</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">EQUITY</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Investors Real Estate Trust shareholders' equity</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Series A Preferred Shares of Beneficial Interest</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">27,317</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">27,317</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">27,317</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">27,317</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">27,317</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Series B Preferred Shares of Beneficial Interest</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">111,357</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">111,357</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">111,357</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">111,357</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Common Shares of Beneficial Interest</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">807,928</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">784,454</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">721,742</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">711,880</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">701,431</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Accumulated distributions in excess of net income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(323,406)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.05pt">(310,341)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.05pt">(305,145)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.05pt">(295,396)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.05pt">(289,025)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Total Investors Real Estate Trust shareholders' equity</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">623,196</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">612,787</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">555,271</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">555,158</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">439,723</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">122,334</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">122,539</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">121,940</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">122,357</div>
</td>
<td style="WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">122,373</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Noncontrolling interests &#8211; consolidated real estate entities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">25,776</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">26,055</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">21,068</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">14,974</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">13,630</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Total equity</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">771,306</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">761,381</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">698,279</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">692,489</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">575,726</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 44.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">TOTAL LIABILITIES AND EQUITY</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,896,642</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,889,554</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,816,074</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,819,337</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,767,059</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(unaudited)</font></div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">(in thousands, except per share data)</div>

<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 62.51%; VERTICAL-ALIGN: bottom" colspan="10">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt; FONT-WEIGHT: bold">OPERATING RESULTS</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">7/31/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">4/30/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.52%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">1/31/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.55%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">10/31/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.6%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">07/31/2012</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Real estate revenue</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">67,182</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">66,272</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">65,221</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">63,901</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">60,975</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Real estate expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">27,591</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">26,919</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">26,202</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">24,653</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">24,685</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Gain on involuntary conversion</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,821</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,263</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Net operating income</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">40,557</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">42,174</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">39,019</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">41,511</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">36,290</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Depreciation/amortization</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(19,518)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(16,339)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(16,004)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(16,171)</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(15,885)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Administrative expenses, advisory and trustee services</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.05pt">(2,753)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,092)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,245)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,061)</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,096)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Other expenses</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(679)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(677)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(464)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(513)</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(519)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Impairment of real estate investments</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(1,458)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Interest expense</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(14,799)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(14,807)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(15,439)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(15,953)</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(16,069)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">210</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">148</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">255</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">203</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">142</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Income from continuing operations</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,560</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">8,407</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">5,122</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">7,016</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,863</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff; HEIGHT: 20px">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Income from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,656</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">3,406</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,031</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,994</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">133</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Net income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3,216</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">11,813</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">6,153</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">10,010</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,996</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Net income attributable to noncontrolling interest &#8211; Operating Partnership</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(50)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(1,536)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(556)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(1,290)</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(251)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Net income attributable to noncontrolling interests &#8211; consolidated real estate entities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(88)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(262)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(273)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(208)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(66)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Net income attributable to Investors Real Estate Trust</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3,078</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">10,015</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">5,324</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">8,512</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,679</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,878)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(593)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">NET INCOME AVAILABLE TO COMMON SHAREHOLDERS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">199</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">7,136</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,445</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">5,634</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,086</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Per Share Data</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">(Loss) earnings per common share from continuing operations &#8211; Investors Real Estate Trust &#8211; basic &amp; diluted</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(.01)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">.04</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">.02</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">.04</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">.01</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Earnings per common share from discontinued operations &#8211; Investors Real Estate Trust &#8211; basic &amp; diluted</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">.01</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">.03</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">.01</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">.02</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Net income per common share &#8211; basic &amp; diluted</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">.07</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">.03</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">.06</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">.01</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Percentage of Revenues</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Real estate expenses</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">41.1%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">40.6%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">40.2%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">38.6%</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">40.5%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Depreciation/amortization</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">29.1%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">24.7%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">24.5%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">25.3%</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">26.1%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff; HEIGHT: 12px">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">General and administrative</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">4.1%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3.2%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3.4%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3.2%</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Interest</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">22.0%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">22.3%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">23.7%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">25.0%</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">26.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Income from discontinued operations</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2.5%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">5.1%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1.6%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">4.7%</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0.2%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Net income</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">4.8%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">17.8%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9.4%</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">15.7%</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3.3%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff; HEIGHT: 17px">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Ratios</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">EBITDA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>/Interest expense</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2.23x</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2.41x</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2.34x</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2.28x</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2.09x</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">EBITDA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>/Interest expense plus preferred distributions</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1.88x</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2.03x</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1.98x</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1.95x</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2.02x</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">See Definitions on page 26. &#160;EBITDA is a non-GAAP measure; see page 9 for a reconciliation of EBITDA to net income.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TableofContents">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">7</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 8pt"></div>

<div><br>
</div>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">FUNDS FROM OPERATIONS<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(unaudited)</font></div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">(in thousands, except per share and unit data)</div>

<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 62.5%; VERTICAL-ALIGN: bottom" colspan="10">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">7/31/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.52%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">4/30/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">1/31/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.52%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">10/31/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.62%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">07/31/2012</div>
</td>
</tr>

<tr>
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Funds From Operations<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Net income attributable to Investors Real Estate Trust</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3,078</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">10,015</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">5,324</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">8,512</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,679</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Less dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.25pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.25pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.25pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.25pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.25pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.25pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.25pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.25pt">(2,878)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.25pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.25pt">(593)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Net income available to common shareholders</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">199</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.65pt">&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">7,136</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,445</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">5,634</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,086</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Adjustments:</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">50</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,536</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">556</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,290</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">251</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Depreciation and amortization</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">19,555</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">16,572</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">16,263</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">16,520</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">16,187</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Impairment of real estate investments</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,803</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">305</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">(Gain) loss on depreciable property sales</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(1,943)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(3,433)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">(772)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">(2,753)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">73</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Funds from operations applicable to common shares and Units</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">19,664</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">22,116</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">18,492</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">20,691</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">17,597</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">FFO per share and unit - basic and diluted</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0.16</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0.19</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0.16</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0.18</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0.16</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Adjusted funds from operations<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Funds from operations applicable to common shares and Units</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">19,664</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">22,116</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">18,492</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">20,691</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">17,597</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Adjustments:</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Tenant improvements at stabilized properties</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,343)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(3,092)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(3,156)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(1,385)</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,206)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Leasing costs at stabilized properties</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(916)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(610)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,231)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(951)</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(1,335)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Recurring capital expenditures<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(1,401)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(687)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(1,614)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(1,893)</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(1,796)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Straight-line rents</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(652)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(883)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(576)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(768)</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(864)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-real estate depreciation</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">85</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">82</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">80</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">83</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">136</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Gain on involuntary conversion</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(966)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,821)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,263)</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Adjusted funds from operations applicable to common shares and Units</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">13,471</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">14,105</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">10,995</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">13,514</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">11,532</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">AFFO per share and unit - basic and diluted</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0.11</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0.12</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0.10</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0.12</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0.10</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Weighted average shares and units</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">124,179</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">118,192</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">115,207</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">113,690</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">111,292</div>
</td>
</tr>
</table>

<div>
<table style="MARGIN-TOP: 8pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 8pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">See Definitions on page 26.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt"><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TableofContents">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">8</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 8pt"></div>

<div><br>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt"><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA)<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"> (unaudited)</font></div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">(in thousands)</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 8pt"><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 62.5%; VERTICAL-ALIGN: bottom" colspan="10">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.32%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">7/31/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">4/30/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">1/31/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.52%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">10/31/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.66%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">07/31/2012</div>
</td>
</tr>

<tr>
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">EBITDA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Net income attributable to Investors Real Estate Trust</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3,078</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">10,015</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">5,324</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">8,512</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,679</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Adjustments:</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">50</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,536</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">556</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,290</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">251</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Income before noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3,128</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">11,551</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">5,880</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">9,802</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,930</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Add:</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Interest expense</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">14,883</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">15,069</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">15,731</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">16,369</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">16,517</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Depreciation/amortization related to real estate investments</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">18,593</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">15,759</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">15,506</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">15,757</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">15,453</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Amortization related to non-real estate investments</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">993</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">848</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">794</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">799</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">833</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Amortization related to real estate revenues<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">54</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">49</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">43</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">46</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">37</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Less:</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Interest income</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.15pt">(188)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(46)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(70)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(<font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">88</font>)</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(<font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">18</font>)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Gain (loss)&#160;on sale of real estate, land and other investments</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(1,943)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(3,433)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">(772)</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,<font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">753</font>)</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">73</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Gain on involuntary conversion</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(966)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(2,821)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,<font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">263</font>)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 37.5%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">EBITDA</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">34,554</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">36,976</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">37,112</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">37,669</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">34,825</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">Definitions on page 26.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(2)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">Included in real estate revenue in the Statement of Operations.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 8pt"><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TableofContents">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">9</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 8pt"></div>

<div><br>
</div>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">LONG-TERM MORTGAGE DEBT* ANALYSIS</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">(in thousands)</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Debt Maturity Schedule</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Annual Expirations</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Total Mortgage Debt*</div>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 6pt; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 6pt; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><img src="image8.jpg"><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.3%; VERTICAL-ALIGN: bottom" colspan="8">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Future Maturities of Mortgage Debt</div>

<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal Year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.82%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fixed Debt</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Variable Debt</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total Debt</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Weighted</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Average<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">% of</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total Debt</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2014</div>
</td>
<td style="WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">32,404</div>
</td>
<td style="WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,860</div>
</td>
<td style="WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">35,264</div>
</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 18pt">5.36%</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.7pt">3.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2015</div>
</td>
<td style="WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">68,065</div>
</td>
<td style="WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">7,364</div>
</td>
<td style="WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">75,429</div>
</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 18pt">5.38%</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.7pt">7.3%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2016</div>
</td>
<td style="WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">74,964</div>
</td>
<td style="WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">74,964</div>
</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 18pt">5.52%</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.7pt">7.3%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2017</div>
</td>
<td style="WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">176,506</div>
</td>
<td style="WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">176,506</div>
</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 18pt">6.12%</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.7pt">17.1%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2018</div>
</td>
<td style="WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">80,064</div>
</td>
<td style="WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">80,064</div>
</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 18pt">5.06%</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.7pt">7.8%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2019</div>
</td>
<td style="WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">93,700</div>
</td>
<td style="WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5,551</div>
</td>
<td style="WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">99,251</div>
</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 18pt">5.88%</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.7pt">9.6%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2020</div>
</td>
<td style="WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">121,882</div>
</td>
<td style="WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">121,882</div>
</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 18pt">5.90%</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.7pt">11.8%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2021</div>
</td>
<td style="WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">124,395</div>
</td>
<td style="WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">124,395</div>
</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 18pt">5.35%</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.7pt">12.1%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2022</div>
</td>
<td style="WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">132,616</div>
</td>
<td style="WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">132,616</div>
</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 18pt">5.62%</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.7pt">12.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2023</div>
</td>
<td style="WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">38,471</div>
</td>
<td style="WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">38,471</div>
</td>
<td style="WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 18pt">4.25%</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.7pt">3.7%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">71,565</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">71,565</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 18pt">4.70%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.7pt">7.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 33.7%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total maturities</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.2%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 9.15pt">1,014,632</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.14%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 4.05pt">15,775</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 9pt">1,030,407</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 14.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 22.45pt">5.54%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 18pt">100.0%</div>
</td>
</tr>
</table>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 8.25pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8.25pt; FONT-SIZE: 8pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8.25pt; FONT-SIZE: 8pt">Weighted average interest rate of debt that matures in fiscal year.</div>
</td>
</tr>
</table>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45.01%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.82%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">7/31/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.28%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">4/30/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.44%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">1/31/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.28%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">10/31/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.18%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">07/31/2012</div>
</td>
</tr>

<tr>
<td style="WIDTH: 45.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Balances Outstanding</div>
</td>
<td style="WIDTH: 2.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 45.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Mortgage</div>
</td>
<td style="WIDTH: 2.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 45.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Fixed rate</div>
</td>
<td style="WIDTH: 2.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,014,632</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,022,990</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,004,567</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,021,661</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,064,564</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 45.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Variable rate</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.53%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">15,775</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">26,216</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">37,056</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.05pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">23,536</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.05pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">16,091</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 45.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 27pt; FONT-SIZE: 9pt">Mortgage total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,030,407</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,049,206</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,041,623</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,045,197</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,080,655</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 45.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 2.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 45.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Weighted Average Interest Rates</div>
</td>
<td style="WIDTH: 2.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 45.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Secured</div>
</td>
<td style="WIDTH: 2.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 4.5pt">5.54%</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.65pt">5.55%</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.25pt">5.65%</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.3pt">5.66%</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">5.72%</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TableofContents">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">10</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 8pt"></div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">LONG-TERM MORTGAGE DEBT* DETAIL AS OF JULY 31, 2013<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><br>
</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(in thousands)</font></div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Property</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Maturity Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.17%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2016</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2017</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.92%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
</tr>

<tr>
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.17%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.92%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Quarry Ridge - Rochester, MN<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10/1/2013</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">11,527</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">11,527</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Monticello Village - Monticello, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3/1/2014</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,860</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,860</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Evergreen II - Isanti, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">11/1/2014</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,138</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,138</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Campus Center - St Cloud, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">6/1/2015</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,262</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,262</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Campus Knoll - St Cloud, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">6/1/2015</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">841</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">841</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Landmark - Grand Forks, ND</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">8/24/2015</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,685</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,685</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Regency Park Estates - St Cloud, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1/1/2016</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">6,932</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">6,932</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Pebble Springs &#8211; Bismarck, ND</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">7/1/2016</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">787</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">787</div>

<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Southview &#8211; Minot, ND</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">7/1/2016</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,076</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,076</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Summary of Debt due after Fiscal 2017</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">348,596</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">348,596</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Sub-Total Multi-Family Residential</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">14,387</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,138</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10,720</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,863</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">348,596</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">377,704</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Office</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Whitewater Plaza - Minnetonka, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">3/1/2014</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">2,510</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">2,510</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Whitewater Plaza - Minnetonka, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">3/1/2014</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1,302</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1,302</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Viromed - Eden Prairie, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">4/1/2014</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">245</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">245</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Wirth Corporate Center - Golden Valley, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">4/1/2014</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">3,538</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">3,538</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;TCA Building - Eagan, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">5/1/2014</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">6,962</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">6,962</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Burnsville Bluffs II - Burnsville, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">8/8/2014</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1,709</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1,709</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Plymouth IV - Plymouth, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">8/8/2014</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">3,152</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">3,152</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Plymouth V - Plymouth, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">8/8/2014</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">3,684</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">3,684</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Plaza VII - Boise, ID</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">9/1/2014</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">978</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">978</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Crosstown Centre - Eden Prairie, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">12/1/2014</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">3,272</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">3,272</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Crosstown Centre - Eden Prairie, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">12/1/2014</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">9,815</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">9,815</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Northgate I - Maple Grove, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">12/10/2014</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">5,118</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">5,118</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Plymouth I - Plymouth, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">12/10/2014</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1,147</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1,147</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Plymouth II - Plymouth, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">12/10/2014</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1,147</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1,147</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Plymouth III - Plymouth, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">12/10/2014</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1,412</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1,412</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Benton Business Park - Sauk Rapids, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1/1/2015</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">543</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">543</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff; HEIGHT: 13px">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;West River Business Park - Waite Park, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1/1/2015</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">543</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">543</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Highlands Ranch I - Highlands Ranch, CO</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">3/1/2015</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">8,165</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">8,165</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Highlands Ranch II - Highlands Ranch, CO</div>
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<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">3/1/2015</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">7,825</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">7,825</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;US Bank Financial Center - Bloomington, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">7/1/2015</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">13,346</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">13,346</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Rapid City 900 Concourse Drive - Rapid City, SD</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">8/1/2015</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1,056</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1,056</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Westgate I - Boise, ID</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">8/1/2015</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1,187</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1,187</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Westgate II - Boise, ID</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">8/1/2015</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">2,905</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">2,905</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Brook Valley I - LaVista, NE</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1/1/2016</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1,290</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1,290</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Spring Valley IV - Omaha, NE</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1/1/2016</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">768</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">768</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Spring Valley V - Omaha, NE</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1/1/2016</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">845</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">845</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Spring Valley X - Omaha, NE</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1/1/2016</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">783</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">783</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Spring Valley XI - Omaha, NE</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1/1/2016</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">768</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">768</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;American Corporate Center &#8211; Mendota Heights, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">9/1/2016</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">8,881</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">8,881</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Mendota Office Center I &#8211; Mendota Heights, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">9/1/2016</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">3,824</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">3,824</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Mendota Office Center II - Mendota Heights, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">9/1/2016</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">5,651</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">5,651</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Mendota Office Center III - Mendota Heights, MN</div>
</td>
<td style="WIDTH: 10.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">9/1/2016</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">3,884</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">3,884</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TableofContents">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">11</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</font></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">LONG-TERM MORTGAGE DEBT* DETAIL AS OF JULY 31, 2013 <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(continued)</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><br>
</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(in thousands)</font></div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Property</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Maturity Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.17%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2016</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.12%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2017</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.19%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.81%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
</tr>

<tr>
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Mendota Office Center IV - Mendota Heights, MN</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">9/1/2016</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">4,617</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">4,617</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Corporate Center West &#8211; Omaha, NE</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">10/6/2016</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">17,315</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">17,315</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Farnam Executive Center &#8211; Omaha, NE</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">10/6/2016</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">12,160</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">12,160</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Flagship &#8211; Eden Prarie, MN</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">10/6/2016</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">21,565</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">21,565</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Gateway Corporate Center &#8211; Woodbury, MN</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">10/6/2016</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">8,700</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">8,700</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Miracle Hills One &#8211; Omaha, NE</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">10/6/2016</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">8,895</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">8,895</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Pacific Hills &#8211; Omaha, NE</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">10/6/2016</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">16,770</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">16,770</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Riverport &#8211; Maryland Heights, MO</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">10/6/2016</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">19,690</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">19,690</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Timberlands &#8211; Leawood, KS</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">10/6/2016</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">13,155</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">13,155</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Woodlands Plaza IV &#8211; Maryland Heights, MO</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">10/6/2016</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">4,360</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">4,360</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;2030 Cliff Road &#8211; Eagan, MN</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1/11/2017</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">960</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">960</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Summary of Debt due after Fiscal 2017</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100,351</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.43%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100,351</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Sub-Total Commercial Office</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">7,595</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">55,472</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">22,948</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">150,427</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100,351</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.43%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">336,793</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 6.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 6.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 2.43%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 7.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Healthcare</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;High Pointe Health Campus - Lake Elmo, MN</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">4/1/2014</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5,400</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5,400</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Edgewood Vista - Billings, MT</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12/10/2014</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,889</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,889</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Edgewood Vista - East Grand Forks, MN</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12/10/2014</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,877</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,877</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Edgewood Vista - Sioux Falls, SD</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12/10/2014</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,082</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,082</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Garden View Medical - St Paul, MN</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">8/1/2015</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,191</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,191</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Edina 6363 France Medical - St Paul, MN</div>
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<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">8/6/2015</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10,000</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10,000</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;2800 Medical Building - Minneapolis, MN</div>
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<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">9/1/2015</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5,351</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5,351</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;2828 Medical Building - Minneapolis, MN</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">9/1/2015</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">8,339</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">8,339</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Edina 6405 France Medical - Edina, MN</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">9/1/2015</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">8,707</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">8,707</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Ritchie Medical Plaza - St Paul, MN</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">9/1/2015</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">6,405</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">6,405</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Airport Medical &#8211; Bloomington, MN</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">6/1/2016</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,007</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,007</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Park Dental &#8211; Brooklyn Center, MN</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">6/1/2016</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">577</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">577</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Edina 6517 Drew Ave &#8211; Edina, MN<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">9/6/2016</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,125</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,125</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Edgewood Vista &#8211; Fargo, ND</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10/25/2016</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12,764</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12,764</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Sartell 2000 23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> St S &#8211; Sartell, MN</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12/1/2016</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3,062</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3,062</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Billings 2300 Grant Road &#8211; Billings, MT</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12/31/2016</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,597</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,597</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Missoula 3050 Great Northern Ave &#8211; Missoula, MT</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12/31/2016</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,675</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,675</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Summary of Debt due after Fiscal 2017</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">179,722</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">179,722</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Sub-Total Commercial Healthcare</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5,400</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5,848</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">39,993</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">21,807</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">179,722</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">252,770</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Industrial</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Cedar Lake Business Center - St. Louis Park, MN<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">11/1/2013</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">2,262</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">2,262</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Woodbury 1865 Woodlane - Woodbury, MN<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">11/1/2013</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">2,661</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">2,661</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Brooklyn Park 7401 Boone Avenue - Brooklyn Park, MN<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">9/28/2014</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">7,365</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">7,365</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Stone Container - Fargo, ND</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">12/1/2015</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">579</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">579</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Stone Container - Fargo, ND</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">12/1/2015</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">724</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">724</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Minnetonka 13600 County Road 62 &#8211; Minnetonka, MN</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">2/27/2017</div>
</td>
<td style="WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">2,409</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">2,409</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Summary of Debt due after Fiscal 2017</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">13,003</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">13,003</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Sub-Total Commercial Industrial</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.69%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">4,923</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">7,365</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">1,303</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">2,409</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.51%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">13,003</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">29,003</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TableofContents">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">12</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 8pt"></div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">LONG-TERM MORTGAGE DEBT* DETAIL AS OF JULY 31, 2013 <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(continued)</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><br>
</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(in thousands)</font></div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Property</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Maturity Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.17%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.17%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2016</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2017</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.94%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
</tr>

<tr>
<td style="WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Retail</div>
</td>
<td style="WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;St Cloud Westgate - St Cloud, MN</div>
</td>
<td style="WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10/10/2013</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,959</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,959</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Omaha Barnes &amp; Noble - Omaha, NE</div>
</td>
<td style="WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">6/1/2014</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,381</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,381</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Jamestown Buffalo Mall - Jamestown, ND</div>
</td>
<td style="WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">9/1/2014</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">383</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">383</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Fargo Express Center - Fargo, ND</div>
</td>
<td style="WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10/1/2014</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">924</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">924</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Lakeville Strip Center - Lakeville, MN</div>
</td>
<td style="WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10/1/2014</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">918</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">918</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;Summary of Debt due after Fiscal 2017</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">26,572</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">26,572</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Sub-Total Commercial Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,959</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">4,606</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">26,572</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">34,137</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 32.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">35,264</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">75,429</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 6.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">74,964</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">176,506</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">668,244</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,030,407</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 10.5pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">*</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">Mortgage debt does not include the Company's multi-bank line of credit or construction loans. &#160;The line of credit has a maturity date of August 12, 2014; as of July 31, 2013, the Company had borrowings of $10.0 million outstanding under this line. Construction loans and other debt totaled $32.3 million as of July 31, 2013.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">Totals are principal balances as of July 31, 2013.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(2)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">Loan was paid off subsequent to July 31, 2013.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(3)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">A loan application was signed for the refinance of this loan during the first quarter of fiscal year 2014.</td>
</tr>
</table>
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<div><br>
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<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TableofContents">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">13</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</font></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">CAPITAL ANALYSIS</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">(in thousands, except per share and unit amounts)</div>

<div style="MARGIN-BOTTOM: 8pt"><br>
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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50%; VERTICAL-ALIGN: bottom" colspan="10">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">7/31/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">4/30/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.02%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">1/31/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">10/31/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.98%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">07/31/2012</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Equity Capitalization</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Common shares outstanding</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">104,226</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">101,488</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">94,386</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">93,161</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">91,812</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Operating partnership (OP) units outstanding</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">21,849</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">21,635</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">21,489</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">21,336</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">21,171</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Total common shares and OP units outstanding</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">126,075</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">123,123</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">115,875</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">114,497</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">112,983</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Market price per common share (closing price at end of period)</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">8.64</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">9.73</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">9.36</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">8.42</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">8.16</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Equity capitalization-common shares and OP units</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,089,288</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,197,987</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,084,590</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">964,065</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">921,941</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Recorded book value of preferred shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">138,674</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">138,674</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">138,674</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">138,674</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">27,317</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Total equity capitalization</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,227,962</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,336,661</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,223,264</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,102,739</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">949,258</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Debt Capitalization</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Total debt</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,072,696</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,077,282</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,073,152</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,087,972</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,150,123</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Total capitalization</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,300,658</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,413,943</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,296,416</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,190,711</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,099,381</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Total debt to total capitalization</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0.47:1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0.45:1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0.47:1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0.50:1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0.55:1</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50.01%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 49.99%; VERTICAL-ALIGN: bottom" colspan="10">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">Three Months Ended</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50.01%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">7/31/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">4/30/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.02%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1/31/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">10/31/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.97%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">07/31/2012</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff; HEIGHT: 16px">
<td style="WIDTH: 50.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Earnings to fixed charges<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1.06x</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.65pt">1.51x</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.7pt">1.30x</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1.41x</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1.10x</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Earnings to combined fixed charges and preferred distributions<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0.89x</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.65pt">1.27x</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.7pt">1.10x</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1.20x</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1.06x</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Debt service coverage ratio<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1.54x</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.65pt">1.64x</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.7pt">1.63x</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1.60x</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1.45x</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50.01%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Distribution Data</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Common shares and units outstanding at record date</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">123,976</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">116,338</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">115,284</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">113,516</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">111,525</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Total common distribution paid</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">16,093</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">15,124</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">14,956</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">14,757</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">14,413</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Common distribution per share and unit</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">.1300</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">.1300</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">.1300</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">.1300</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">.1300</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Payout ratio (FFO per share and unit basis)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.15pt">81.3%</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.2pt">68.4%</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.7pt">81.3%</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 4.65pt">72.2%</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.15pt">81.3%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Payout ratio (AFFO per share and unit basis)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.15pt">118.2%</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.2pt">108.3%</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.7pt">130.0%</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 4.65pt">108.3%</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.15pt">130.0%</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">See Definitions on page 26.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TableofContents">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">14</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 8pt"></div>

<div><br>
</div>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<div>
<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<div><br>
</div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">STABILIZED PROPERTIES NET OPERATING INCOME SUMMARY</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">(in thousands)</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 67.49%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.51%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Stabilized Properties<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
</tr>

<tr>
<td style="WIDTH: 67.49%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.51%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">July 31,</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 67.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Segment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.84%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.84%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">%</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Change</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 67.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10,287</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10,347</div>
</td>
<td style="WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(0.6%)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 67.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Commercial Office</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">9,759</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">9,442</div>
</td>
<td style="WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">3.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff; HEIGHT: 18px">
<td style="WIDTH: 67.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Commercial Medical</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">11,556</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10,993</div>
</td>
<td style="WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">5.1%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 67.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Commercial Industrial</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,821</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,682</div>
</td>
<td style="WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">8.3%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 67.49%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Commercial Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,046</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(3.9%)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 67.49%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">35,389</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">34,510</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2.5%</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 8pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">See list of properties excluded from stabilized properties on page ii.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TableofContents">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">15</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 8pt"></div>

<div><br>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 8.25pt; MARGIN-BOTTOM: 8.25pt"><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">NET OPERATING INCOME DETAIL</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">(in thousands)</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.16%; VERTICAL-ALIGN: bottom" colspan="14">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54.98%; VERTICAL-ALIGN: middle" colspan="10">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Reporting Segments</div>
</td>
<td style="WIDTH: 10.02%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.14%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Multi-Family</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Residential</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.26%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Office</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.26%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Healthcare</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.44%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Industrial</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.88%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.02%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Corporate and</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Real estate rental revenue</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Stabilized<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">19,328</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">19,744</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">15,765</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,781</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">3,292</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">60,910</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">5,254</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">307</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">675</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">36</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">6,272</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 8pt">Total</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">24,582</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">19,744</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">16,072</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">3,456</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">3,328</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">67,182</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Real estate expenses</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Stabilized<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">9,041</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">9,985</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">4,209</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">960</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,326</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">25,521</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,918</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">73</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">79</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,070</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 8pt">Total</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">10,959</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">9,985</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">4,282</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,039</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,326</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">27,591</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Gain on involuntary conversion</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Stabilized<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 8pt">Total</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff; HEIGHT: 12px">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Net operating income (NOI)</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Stabilized<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">10,287</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">9,759</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">11,556</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,821</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,966</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">35,389</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">4,302</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">234</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">596</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">36</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">5,168</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 25.84%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 8pt">Net operating income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">14,589</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">9,759</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">11,790</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,417</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,002</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">40,557</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff; HEIGHT: 13px">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Reconciliation of NOI to net income (loss) available to common shareholders</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Depreciation/amortization</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(5,516)</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(5,548)</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(6,712)</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(835)</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(823)</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(84)</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(19,518)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Administrative, advisory and trustee fees</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(2,753)</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(2,753)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Other expenses</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(679)</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(679)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">Impairment of real estate investments</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(1,458)</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(1,458)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff; HEIGHT: 18px">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">Interest expense</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(5,336)</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(5,106)</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(3,628)</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(527)</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(513)</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">311</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(14,799)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">210</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">210</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Income (loss) from continuing operations</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">3,737</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 0.4pt">(895)</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,450</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,055</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">666</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(4,453)</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">1,560</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Income (loss) from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,772</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(116)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,656</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff; HEIGHT: 18px">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Net income (loss)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">3,737</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 0.4pt">(895)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,450</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,827</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">550</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(4,453)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">3,216</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Net income attributable to noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 0.05pt">(50)</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(50)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Net income attributable to noncontrolling interests &#8211; consolidated real estate entities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(88)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(88)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Net income (loss) attributable to Investors Real Estate Trust</div>
</td>
<td style="WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">3,737</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 0.4pt">(895)</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,450</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,827</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">550</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(4,591)</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">3,078</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(2,879)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 25.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">3,737</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 0.4pt">(895)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,450</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,827</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">550</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(7,470)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">199</div>
</td>
</tr>
</table>

<div>
<table style="MARGIN-TOP: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 8pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 8pt">See list of properties excluded from stabilized properties on page ii.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TableofContents">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">16</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 8pt"></div>

<div><br>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10.5pt; MARGIN-BOTTOM: 10.5pt"><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</font></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">NET OPERATING INCOME DETAIL</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(in thousands)</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 73.34%; VERTICAL-ALIGN: bottom" colspan="14">
<div style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2012</div>
</td>
</tr>

<tr>
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54.19%; VERTICAL-ALIGN: middle" colspan="10">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Reporting Segments</div>
</td>
<td style="WIDTH: 10.02%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.14%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.32%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Multi-Family</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Residential</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.26%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Office</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.26%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Healthcare</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.44%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Industrial</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.9%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.02%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Corporate and</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.14%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Real estate rental revenue</div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Stabilized<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">18,679</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">18,778</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">15,073</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,512</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">3,126</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">58,168</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,531</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">276</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,807</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 8pt">Total</div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">21,210</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">18,778</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">15,073</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,788</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">3,126</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">60,975</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Real estate expenses</div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Stabilized<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">8,332</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">9,336</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">4,080</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">830</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,080</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">23,658</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">961</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">66</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,027</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 8pt">Total</div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">9,293</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">9,336</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">4,080</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">896</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,080</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">24,685</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff; HEIGHT: 18px">
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Net operating income (NOI)</div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff; HEIGHT: 20px">
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Stabilized<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">10,347</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">9,442</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">10,993</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,682</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,046</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">34,510</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,570</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">210</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">1,780</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff; HEIGHT: 20px">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 26.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 8pt">Net operating income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">11,917</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">9,442</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">10,993</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,892</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,046</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">36,290</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Reconciliation of NOI to net income (loss) available to common shareholders</div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Depreciation/amortization</div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(4,524)</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(5,391)</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(4,385)</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(719)</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(730)</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(136)</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(15,885)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Administrative, advisory and trustee services</div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(2,096)</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(2,096)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Other expenses</div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(519)</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(519)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Interest expense</div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(4,814)</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(5,271)</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(3,941)</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(699)</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(686)</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(658)</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(16,069)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">142</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">142</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Income (loss) from continuing operations</div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">2,579</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 0.4pt">(1,220)</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">2,667</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">474</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">630</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(3,267)</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">1,863</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Income (loss) from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">38</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(4)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">151</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(52)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">133</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Net income (loss)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,617</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 0.4pt">(1,220)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,663</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">625</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">578</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(3,267)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,996</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Net income attributable to noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(251)</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(251)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Net income attributable to noncontrolling interests &#8211; consolidated real estate entities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(66)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(66)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Net income (loss) attributable to Investors Real Estate Trust</div>
</td>
<td style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,617</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 0.4pt">(1,220)</div>
</td>
<td style="WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,663</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">625</div>
</td>
<td style="WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">578</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(3,584)</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,679</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(593)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(593)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,617</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 0.4pt">(1,220)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">2,663</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">625</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.75pt">578</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(4,177)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; MARGIN-RIGHT: 3.6pt">1,086</div>
</td>
</tr>
</table>

<div>
<table style="MARGIN-TOP: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 8pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 8pt">See list of properties excluded from stabilized properties on page ii.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TableofContents">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">17</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 8pt"></div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">STABILIZED PROPERTIES AND ALL PROPERTIES PHYSICAL OCCUPANCY LEVELS BY SEGMENT</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">1st Quarter Fiscal 2014 vs. 1st Quarter Fiscal 2013</div>

<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 43.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Segments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 29.14%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Stabilized Properties</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 27.52%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">All Properties</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1st </font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Quarter</font></div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1st </font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Quarter</font></div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1st </font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Quarter</font></div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1st </font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Quarter</font></div>
</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 43.34%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.14%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Fiscal 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Fiscal 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Fiscal 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.52%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Fiscal 2013</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 43.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 25.4pt">93.3%</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 29.15pt">94.1%</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 26.9pt">92.9%</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 22.4pt">93.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 43.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Office</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 25.4pt">80.2%</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 29.15pt">79.0%</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 26.9pt">80.2%</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 22.4pt">79.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 43.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Healthcare</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 25.4pt">95.5%</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 29.15pt">95.2%</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 26.9pt">95.4%</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 22.4pt">95.2%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 43.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Industrial</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 25.4pt">86.1%</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 29.15pt">87.4%</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 26.9pt">87.5%</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 22.4pt">88.5%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 43.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Retail</div>
</td>
<td style="WIDTH: 14.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 25.4pt">79.6%</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 29.15pt">87.1%</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 26.9pt">79.7%</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 22.4pt">87.1%</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<div style="TEXT-ALIGN: left"><img src="image7.jpg"></div>

<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TableofContents">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">18</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 8pt"></div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 8pt"><br>
</div>

<div>
<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<div><br>
</div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">MULTI-FAMILY RESIDENTIAL SUMMARY<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>

<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 55.84%; VERTICAL-ALIGN: bottom" colspan="10">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended</div>
</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.24%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">7/31/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.1%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">4/30/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.1%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">1/31/2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">10/31/2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.66%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">07/31/2012</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff; HEIGHT: 14px">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Number of Units</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">10,351</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">10,280</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">9,924</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">9,934</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">9,876</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Average Investment Per Unit</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">60,118</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">58,765</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">58,506</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">58,308</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">58,012</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Non-Stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">86,581</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">87,408</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">87,083</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">85,580</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">83,113</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">All Properties</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">64,743</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">63,659</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">63,107</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">62,614</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">61,472</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Average Scheduled Rent<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1) </sup>per Unit</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">764</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">748</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">742</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">734</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">726</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Non-Stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">955</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">944</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">994</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">967</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">889</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9.35pt; FONT-SIZE: 9pt">All Properties</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">797</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">781</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">782</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">771</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">749</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Total Receipts per Unit</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">754</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">739</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">731</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">733</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">716</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Non-Stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">968</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">954</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">1,004</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">996</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">831</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9.35pt; FONT-SIZE: 9pt">All Properties</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">792</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">776</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">775</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">774</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">732</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total Recurring Capital Expenditures per Unit<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">164</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">176</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">134</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">193</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">209</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Physical Occupancy%</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 5.45pt">93.3%</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.05pt">94.7%</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 8.15pt">94.0%</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7pt">94.8%</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">93.7%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Non-Stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 5.45pt">90.7%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.05pt">94.5%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 8.15pt">91.4%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7pt">93.4%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">88.7%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9.35pt; FONT-SIZE: 9pt">All Properties</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 5.45pt">92.9%</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.05pt">94.6%</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 8.15pt">93.6%</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7pt">94.6%</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">93.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Operating Expenses as a % of Scheduled Rent</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: middle">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 5.45pt">46.4%</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.05pt">44.0%</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 8.15pt">47.3%</div>
</td>
<td style="WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7pt">41.3%</div>
</td>
<td style="WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">44.8%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Non-Stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 5.45pt">40.7%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.05pt">43.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 8.15pt">38.7%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7pt">36.9%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">34.8%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 44.16%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">All Properties</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 5.45pt">45.2%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.05pt">43.8%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 8.15pt">45.5%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7pt">40.4%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.2pt">43.1%</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">See Definitions on page 26.</td>
</tr>
</table>
</div>

<div style="text-align: left; margin-top: 10pt; margin-bottom: 10pt;">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(2)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">
<div>Previously-reported amounts are not revised for discontinued operations or changes in the composition of the stabilized properties pool.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt">&#160;</div>

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<div><br>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">COMMERCIAL LEASING SUMMARY (Stabilized Properties)</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">for the three months ended July 31, 2013</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial Leasing Activity</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2014, we executed new and renewal commercial leases for our stabilized rental properties on 596,207 square feet. Despite our leasing efforts, occupancy in our stabilized commercial portfolio decreased slightly to 85.1% as of July 31, 2013, down from 85.6% as of July 31, 2012.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The total leasing activity for our stabilized commercial rental properties, expressed in square feet of leases signed during the period, and the resulting physical occupancy levels are as follows for the three months ended July 31, 2013 and 2012 respectively.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.79%; VERTICAL-ALIGN: bottom" rowspan="2" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Square Feet of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">New Leases<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.07%; VERTICAL-ALIGN: bottom" rowspan="2" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Square Feet of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Leases Renewed<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1) (2)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.1%; VERTICAL-ALIGN: bottom" rowspan="2" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Square Feet of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Leases Executed<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.98%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Physical Occupancy</div>
</td>
</tr>

<tr>
<td style="WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.98%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal Year Ended July 31,</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Segments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Office</div>
</td>
<td style="WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">126,992</div>
</td>
<td style="WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">34,640</div>
</td>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">57,545</div>
</td>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">64,179</div>
</td>
<td style="WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">184,537</div>
</td>
<td style="WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">98,819</div>
</td>
<td style="WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">80.2%</div>
</td>
<td style="WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">79.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Healthcare</div>
</td>
<td style="WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">21,503</div>
</td>
<td style="WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">6,501</div>
</td>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">13,528</div>
</td>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,468</div>
</td>
<td style="WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">35,031</div>
</td>
<td style="WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">7,969</div>
</td>
<td style="WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">95.5%</div>
</td>
<td style="WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">95.2%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Industrial</div>
</td>
<td style="WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">50,040</div>
</td>
<td style="WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">222,077</div>
</td>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">9,702</div>
</td>
<td style="WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">272,117</div>
</td>
<td style="WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">9,702</div>
</td>
<td style="WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">86.1%</div>
</td>
<td style="WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">87.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">91,957</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">9,070</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">12,565</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2,420</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">104,522</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">11,490</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">79.6%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">87.1%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">290,492</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">50,211</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">305,715</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">77,769</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">596,207</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">127,980</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">85.1%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">85.6%</div>
</td>
</tr>
</table>

<div>
<table style="MARGIN-TOP: 6pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">The leasing activity presented is based on leases signed or executed for our stabilized rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP.&#160;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 8pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 8pt">Leases renewed include the retained occupancy of tenants on a month-to-month basis past their original lease expiration date.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">New Leases</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The following table sets forth the average effective rents and the estimated costs of tenant improvements and leasing commissions, on a per square foot basis, that we are obligated to fulfill under the new leases signed for our stabilized commercial rental properties during the three months ended <font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">July 31, 2013</font> and <font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">2012</font>, respectively:</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.68%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Square Feet of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">New Leases<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.54%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Average Term</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">in Years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.31%; VERTICAL-ALIGN: bottom" colspan="4">
<div>&#160;</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Average</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;Effective Rent<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.43%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Estimated Tenant Improvement Cost per Square Foot<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.15%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Leasing</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commissions per Square Foot<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.14%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.54%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.84%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.66%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.66%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.2%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.19%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.96%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Office</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">126,992</div>
</td>
<td style="WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">34,640</div>
</td>
<td style="WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.9</div>
</td>
<td style="WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3.5</div>
</td>
<td style="WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">13.01</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">15.71</div>
</td>
<td style="WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">15.17</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">14.12</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.32</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">5.17</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Healthcare</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">21,503</div>
</td>
<td style="WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">6,501</div>
</td>
<td style="WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">5.6</div>
</td>
<td style="WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">6.8</div>
</td>
<td style="WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">21.94</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">23.14</div>
</td>
<td style="WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">49.69</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">57.37</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">5.30</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">5.29</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Industrial</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">50,040</div>
</td>
<td style="WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.3</div>
</td>
<td style="WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.10</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0.00</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0.34</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">91,957</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">9,070</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3.7</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3.62</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">12.40</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0.57</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0.33</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.20</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0.93</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">290,492</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">50,211</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.9</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.4</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">9.17</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">16.07</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">10.49</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">17.23</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3.67</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.42</div>
</td>
</tr>
</table>

<div>
<table style="MARGIN-TOP: 6pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 17.3pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: -0.7pt; FONT-SIZE: 8pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">The leasing activity presented is based on leases signed or executed for our stabilized rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP.&#160; Tenant improvements and leasing commissions presented are based on square feet leased during the period.&#160;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 17.3pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: -0.7pt; FONT-SIZE: 8pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 8pt">Effective rents represent average annual base rental payments, on a straight-line basis for the term of each lease, excluding operating expense reimbursements. The underlying leases contain various expense structures including gross, modified gross, net and triple net.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">Our ability to maintain or increase occupancy rates is a principal driver of maintaining and increasing the average effective rents in our commercial segments. The decrease in the average effective rental rates of new leases executed in the three months ended July 31, 2013 in our commercial retail segment when compared to new leases executed for the same period in the prior year is due to the signing of a new anchor tenant lease at our Jamestown </font>Buffalo Mall property. In June of 2013, we executed a ten year lease with an effective date of August 1, 2013 for 84,338 square feet with a new anchor tenant at an average effective rent of $2.75 per square foot. This space was vacated by the former anchor tenant on May 31, 2013, who was paying $1.70 per square foot at the time their lease expired. &#160;Absent this transaction, the average effective rental rate for leases executed in our commercial retail segment in the first quarter of fiscal year 2014 would have been $13.25 per square foot. The decrease in the average effective rental rate of new leases executed in the total commercial portfolio for the three months ended July 31, 2013 when compared <font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">to the same period in the prior year is due primarily to the lease transaction mentioned above and the fact that there were no new commercial industrial leases executed in the three months ended July 31, 2012.</font></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">COMMERCIAL LEASING SUMMARY (Stabilized Properties)</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">for the three months ended July 31, 2013</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Lease Renewals</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">The following table summarizes our lease renewal activity within our stabilized commercial segments for the three months ended <font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">July 31, 2013</font> and <font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">2012</font>, respectively (square feet data in thousands):</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.37%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Square Feet of Leases Renewed<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.36%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Percent of Expiring Leases Renewed<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.31%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Average Term</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">in Years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.47%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Weighted Average Growth (Decline)</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;in Effective Rents<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.84%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Estimated</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Tenant Improvement</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Cost per Square Foot<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.64%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Leasing Commissions per Square Foot<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.59%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.78%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.62%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.58%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.72%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.71%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.76%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.98%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.86%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.84%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.8%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Office</div>
</td>
<td style="WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">57,545</div>
</td>
<td style="WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">64,179</div>
</td>
<td style="WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">91.3%</div>
</td>
<td style="WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">73.5%</div>
</td>
<td style="WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3.5</div>
</td>
<td style="WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2.9</div>
</td>
<td style="WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1.7%</div>
</td>
<td style="WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1.6%</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2.20</div>
</td>
<td style="WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1.89</div>
</td>
<td style="WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1.79</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1.36</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Healthcare</div>
</td>
<td style="WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">13,528</div>
</td>
<td style="WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,468</div>
</td>
<td style="WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
<td style="WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">77.0%</div>
</td>
<td style="WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">7.5</div>
</td>
<td style="WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5.0</div>
</td>
<td style="WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">7.3%</div>
</td>
<td style="WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">12.0%</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">25.76</div>
</td>
<td style="WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">25.00</div>
</td>
<td style="WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2.82</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2.50</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Industrial</div>
</td>
<td style="WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">222,077</div>
</td>
<td style="WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">9,702</div>
</td>
<td style="WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">47.9%</div>
</td>
<td style="WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
<td style="WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3.3</div>
</td>
<td style="WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3.3</div>
</td>
<td style="WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5.7%</div>
</td>
<td style="WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.55pt">(6.1%)</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.00</div>
</td>
<td style="WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.52</div>
</td>
<td style="WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.30</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.52</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff; HEIGHT: 13px">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12,565</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,420</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">15.5%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">74.6%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">4.2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">4.0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3.1%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.55pt">(3.4%)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1.21</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">305,715</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">77,769</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">59.3%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">76.5%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">4.0</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3.2</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">4.5%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1.3%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1.55</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2.09</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.68</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1.27</div>
</td>
</tr>
</table>

<div>
<table style="MARGIN-TOP: 6pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">The leasing activity presented is based on leases signed or executed for our stabilized rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP.&#160; Tenant improvements and leasing commissions are based on square feet leased during the period</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Renewal percentage of expiring leases is based on square footage of renewed leases and not the number of leases renewed. Expiring leases where the tenant retained occupancy on a month-to-month basis past the lease expiration date were considered to have been renewed.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 8pt">(3)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 8pt">Represents the percentage change in effective rent between the original leases and the renewal leases. Effective rents represent average annual base rental payments, on a straight-line basis for the term of each lease, excluding operating expense reimbursements. The underlying leases contain various expense structures including gross, modified gross, net and triple net.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Our ability to re-lease expiring space is generally dependent on the current market and economic conditions of the regions in which our properties are located. The decrease in the percent of expiring leases renewed in the three months ended July 31, 2013 in our commercial retail segment when compared to the percent of expiring leases renewed for the same period in the prior year was due to the lease expiration of an anchor tenant at our Jamestown Buffalo Mall property who occupied 84,338 square feet. Although this lease expired on May 31, 2013, we were able to execute a lease with a new tenant for the entire 84,338 square feet with an effective date of August 1, 2013 that resulted in an increase in effective rent of 61.8% when compared to the prior tenant. &#160;Not taking into account the previously mentioned vacated space, the percent of expiring leases renewed for our retail segment and our total commercial portfolio for the three months ended July 31, 2013 would have been 67.5% and 72.0% respectively.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Lease Expirations</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Our ability to maintain and improve occupancy rates, and base rents, primarily depends upon our continuing ability to re-lease expiring space. The following table reflects the in-service portfolio lease expiration schedule of our consolidated commercial segments properties, including square footage and annualized base rent for expiring leases, as of July 31, 2013.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal Year of Lease Expiration</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold"># of Leases</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Square Footage of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;Expiring Leases<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Percentage of Total</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;Commercial Segments</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Leased Square Footage</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.1%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Annualized Base<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font>Rent of Expiring<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font>Leases at Expiration<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Percentage of Total</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;Commercial Segments</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Annualized Base Rent</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2014<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">162</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,274,900</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12.4%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">13,931,303</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2015</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">141</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,281,292</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12.4%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">15,208,274</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">11.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2016</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">116</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,452,843</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">14.1%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">17,139,542</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">13.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2017</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">104</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,399,327</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">13.6%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">19,123,628</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">14.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2018</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">81</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">732,370</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">7.1%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12,052,743</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">9.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2019</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">50</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,022,163</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">9.9%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12,781,526</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2020</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">19</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">476,174</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">4.6%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">4,804,941</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3.7%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2021</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">24</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">249,414</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2.4%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3,715,247</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2022</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">42</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,437,143</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">13.9%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">16,545,554</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2023</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">471,436</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">4.6%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,072,920</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1.6%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">40</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">514,935</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10,842,673</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">8.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Totals</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">791</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10,311,997</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">128,218,351</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
</tr>
</table>

<div>
<table style="MARGIN-TOP: 6pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Includes month-to-month leases. As of July 31, 2013 month-to-month leases accounted for 401,371 square feet.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Annualized Base Rent is monthly scheduled rent as of July 1, 2013, multiplied by 12.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 8pt">(3)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 8pt">Assuming that none of the tenants exercise renewal or termination options, and including leases renewed prior to expiration.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Information on current market rents can be difficult to obtain, is highly subjective, and is often not directly comparable between properties. Because of this, we believe the increase or decrease in effective rent on lease renewals, as previously defined, is the most objective and meaningful relationship between rents on leases expiring in the near-term and current market rents.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TableofContents">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">21</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 8pt"></div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">10 LARGEST COMMERCIAL TENANTS &#8211; BASED ON ANNUALIZED BASE RENT<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">as of July 31, 2013</div>

<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 41.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Tenant</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Number of</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Properties</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Average</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Remaining</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Lease Term</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">in Months</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">% of Total</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Segments'</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Minimum</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Rents</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Aggregate</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Rentable</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Square Feet</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">% of Aggregate</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Occupied</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Square</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Feet</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 41.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Affiliates of Edgewood Vista</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">32</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">82</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">13.3%</div>
</td>
<td style="WIDTH: 13.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">1,481,647</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">14.5%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 41.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">St. Luke's Hospital of Duluth, Inc.</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">6</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">32</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">3.5%</div>
</td>
<td style="WIDTH: 13.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">198,775</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">1.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 41.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Fairview Health Services</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">9</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">45</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">3.5%</div>
</td>
<td style="WIDTH: 13.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">247,019</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">2.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 41.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Applied Underwriters</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">3</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">43</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">2.3%</div>
</td>
<td style="WIDTH: 13.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">141,724</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">1.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 41.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">HealthEast Care System</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">1</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">67</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">1.6%</div>
</td>
<td style="WIDTH: 13.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">114,316</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">1.1%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 41.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Affiliates of Siemens USA (NYSE: SI)</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">2</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">44</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">1.3%</div>
</td>
<td style="WIDTH: 13.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">112,848</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">1.1%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 41.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Nebraska Orthopaedic Hospital</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">1</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">188</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">1.3%</div>
</td>
<td style="WIDTH: 13.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">61,758</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">0.6%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 41.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Arcadis Corporate Services, Inc.</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">1</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">36</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">1.3%</div>
</td>
<td style="WIDTH: 13.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">71,430</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">0.7%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 41.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Microsoft (NASDAQ: MSFT)</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">1</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">65</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">1.2%</div>
</td>
<td style="WIDTH: 13.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">122,040</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">1.2%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 41.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">State of Idaho Department of Health and Welfare</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">55</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">1.1%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">103,342</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">1.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 41.67%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Total/Weighted Average</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.67%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">61</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.67%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">30.4%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 13.33%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">2,654,899</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.67%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.5pt">25.9%</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 10.5pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">See Definitions on page 26.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TableofContents">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">22</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 8pt"></div>

<div><br>
</div>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<div>
<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<div><br>
</div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">COMMERCIAL LEASE EXPIRATIONS</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">as of <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">July 31, 2013</font></div>

<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 72.5%; VERTICAL-ALIGN: bottom" colspan="8">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(dollars in thousands except average rental rates)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal Year</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Number of</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Leases</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Rentable</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Square Feet</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">% of Rentable</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Square Feet</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.85%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Annualized</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Rent<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.44%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Average</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Rental</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Rate</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">% of</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Annualized</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;Base Rent</div>
</td>
</tr>

<tr>
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Office</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2014<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">75</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">492,668</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12.0%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">6,390</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">12.97</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10.6%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2015</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">77</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">504,221</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12.3%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">8,689</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">17.23</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">14.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2016</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">51</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">655,231</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">16.0%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">10,077</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">15.38</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">16.7%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2017</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">52</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">803,482</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">19.6%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">13,831</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">17.21</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">22.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2018</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">40</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">515,020</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12.6%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">7,286</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">14.15</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">2019 and thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">58</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">1,128,055</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">27.5%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">14,216</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">12.60</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">23.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">353</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">4,098,677</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">60,489</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">14.76</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">&#160;</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial <font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Healthcare</font></div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2014<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">37</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">378,611</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">13.4%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">5,354</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">14.14</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">11.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2015</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">17</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">105,201</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3.7%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2,777</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">26.40</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5.7%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2016</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">25</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">175,570</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">6.2%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3,647</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">20.78</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">7.5%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2017</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">21</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">133,694</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">4.7%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2,855</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">21.35</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2018</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">22</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">176,758</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">6.3%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">4,256</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">24.08</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">8.7%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">2019 and thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">89</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">1,850,852</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">65.7%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">29,769</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">16.08</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">61.2%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">211</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">2,820,686</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">48,658</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">17.25</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Industrial</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2014<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">8</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">296,198</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12.7%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,169</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3.95</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2015</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">6</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">344,493</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">14.8%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,434</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">4.16</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">15.2%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2016</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">9</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">522,472</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">22.4%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2,157</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">4.13</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">22.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2017</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">7</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">338,211</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">14.5%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,280</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3.78</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">13.6%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2018</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">0</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">0</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.0%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0.00</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">2019 and thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">10</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">833,917</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">35.6%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3,368</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">4.04</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">35.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">40</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">2,335,291</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9,408</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">4.03</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Retail</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff; HEIGHT: 12px">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2014<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">42</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">107,423</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10.2%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,018</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9.48</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10.5%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2015</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">41</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">327,377</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">31.0%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2,308</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">7.05</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">23.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2016</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">31</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">99,570</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">9.4%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,258</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">12.63</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">13.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2017</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">24</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">123,940</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">11.7%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,158</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9.34</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2018</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">19</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">40,592</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3.8%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">511</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">12.58</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5.3%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">2019 and thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">30</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">358,441</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">33.9%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3,410</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9.51</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">35.3%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">187</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">1,057,343</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9,663</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9.14</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Total</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2014<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">162</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">1,274,900</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12.4%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">13,931</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">10.93</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2015</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">141</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">1,281,292</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12.4%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">15,208</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">11.87</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">11.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2016</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">116</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">1,452,843</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">14.1%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">17,139</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">11.80</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">13.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2017</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">104</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">1,399,327</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">13.6%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">19,124</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">13.67</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">14.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 40.5pt; FONT-SIZE: 9pt">2018</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">81</div>
</td>
<td style="WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">732,370</div>
</td>
<td style="WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">7.1%</div>
</td>
<td style="WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">12,053</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">16.46</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">9.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">2019 and thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">187</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">4,171,265</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">40.4%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">50,763</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">12.17</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">39.5%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 27.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13pt">791</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 6.75pt">10,311,997</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 12.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">128,218</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">12.43</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 10pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">Includes month-to-month leases. &#160;As of July 31, 2013 month-to-month leases accounted for 90,163 square feet.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(2)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">Includes month-to-month leases. &#160;As of July 31, 2013 month-to-month leases accounted for 34,822 square feet.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(3)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">Includes month-to-month leases. &#160;As of July 31, 2013 month-to-month leases accounted for 245,880 square feet.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(4)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">Includes month-to-month leases. &#160;As of July 31, 2013 month-to-month leases accounted for 30,506 square feet.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(5)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">Includes month-to-month leases. &#160;As of July 31, 2013 month-to-month leases accounted for 401,371 square feet.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(6)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">Annualized Base Rent is monthly scheduled rent as of July 1, 2013 (cash basis), multiplied by 12.</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TableofContents">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">23</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
<div id="DSPFPageHeader"></div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 8pt"></div>

<div><br>
</div>

<div><br>
</div>

<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">FISCAL 2014 ACQUISITION SUMMARY</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">as of July 31, 2013</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">(dollars in thousands)</div>

<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Property</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Location</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Segment Type</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Acquisition</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Square</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Feet/Units</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Leased</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Percentage</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">At</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Acquisition</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">July31,</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013 Leased</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Percentage</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Acquisition</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Cost</div>
</td>
</tr>

<tr>
<td style="WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 17.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Alps Park</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Rapid City, SD</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 17.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">May 1, 2013</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">71</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 9.05pt">97.2%</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 9.05pt">95.8%</div>
</td>
<td style="WIDTH: 1.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">6,200</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Chateau II</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Minot, ND</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 17.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Unimproved Land</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">May 21, 2013</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">n/a</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 9.05pt">n/a</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 9.05pt">n/a</div>
</td>
<td style="WIDTH: 1.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">179</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 21.61%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.36%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 17.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total Square Feet</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">6,379</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 21.61%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.36%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 17.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total Units</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">71</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TableofContents">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">24</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 8pt"></div>

<div><br>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 7.5pt; MARGIN-BOTTOM: 10.5pt"><br>
</div>

<div>
<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<div><br>
</div>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">FISCAL 2014 DEVELOPMENT IN PROGESS SUMMARY</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">as of July 31, 2013</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 10pt">(dollars in thousands)</div>

<div style="MARGIN-BOTTOM: 8pt"><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 29.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Property and Location</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Planned</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Rentable</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Square Feet</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">or # of Units</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Percentage</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Leased</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">or Committed</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.82%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Anticipated</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.44%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost to</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Anticipated</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Construction</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Completion</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 29.1%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt">River Ridge - Bismarck, ND</div>
</td>
<td style="WIDTH: 18.86%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 7.65pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 9.82%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 7.65pt">146 units</div>
</td>
<td style="WIDTH: 9.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 17.5pt">56.9%</div>
</td>
<td style="WIDTH: 1.48%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">$</div>
</td>
<td style="WIDTH: 7.34%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">25,900</div>
</td>
<td style="WIDTH: 1.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">$</div>
</td>
<td style="WIDTH: 5.78%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">19,665</div>
</td>
<td style="WIDTH: 16.3%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> Quarter Fiscal 2014</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 29.1%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt">Cypress Court Apartment Development - St. Cloud, MN<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 18.86%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 7.65pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 9.82%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 7.65pt">132 units</div>
</td>
<td style="WIDTH: 9.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 17.5pt">46.9%</div>
</td>
<td style="WIDTH: 1.48%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">14,300</div>
</td>
<td style="WIDTH: 1.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.78%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">10,089</div>
</td>
<td style="WIDTH: 16.3%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> Quarter Fiscal 2014</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 29.1%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt">Landing at Southgate - Minot, ND<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="WIDTH: 18.86%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 7.65pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 9.82%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 7.65pt">108 units</div>
</td>
<td style="WIDTH: 9.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 17.5pt">70.4%</div>
</td>
<td style="WIDTH: 1.48%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">15,000</div>
</td>
<td style="WIDTH: 1.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.78%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">12,548</div>
</td>
<td style="WIDTH: 16.3%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.4pt">2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> Quarter Fiscal 2014</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 29.1%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt">Chateau II - Minot, ND</div>
</td>
<td style="WIDTH: 18.86%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 7.65pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 9.82%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 7.65pt">72 units</div>
</td>
<td style="WIDTH: 9.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 17.5pt">0%</div>
</td>
<td style="WIDTH: 1.48%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">14,700</div>
</td>
<td style="WIDTH: 1.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.78%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">2,320</div>
</td>
<td style="WIDTH: 16.3%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.4pt">4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Quarter Fiscal 2014</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 29.1%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt">Commons at Southgate - Minot, ND<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="WIDTH: 18.86%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 7.65pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 9.82%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 7.65pt">233 units</div>
</td>
<td style="WIDTH: 9.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 17.5pt">0%</div>
</td>
<td style="WIDTH: 1.48%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">37,200</div>
</td>
<td style="WIDTH: 1.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.78%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">10,534</div>
</td>
<td style="WIDTH: 16.3%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.4pt">1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Quarter Fiscal 2015</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 29.1%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt">Dakota Commons &#160;- Williston, ND</div>
</td>
<td style="WIDTH: 18.86%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 7.65pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 9.82%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 7.65pt">44 units</div>
</td>
<td style="WIDTH: 9.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 17.5pt">0%</div>
</td>
<td style="WIDTH: 1.48%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">10,700</div>
</td>
<td style="WIDTH: 1.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.78%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">2,635</div>
</td>
<td style="WIDTH: 16.3%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.4pt">1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Quarter Fiscal 2015</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 29.1%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt">Renaissance Heights I - Williston, ND<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
<td style="WIDTH: 18.86%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 7.65pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 9.82%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 7.65pt">288 units</div>
</td>
<td style="WIDTH: 9.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 17.5pt">0%</div>
</td>
<td style="WIDTH: 1.48%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">62,400</div>
</td>
<td style="WIDTH: 1.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.78%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">16,907</div>
</td>
<td style="WIDTH: 16.3%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.4pt">2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> Quarter Fiscal 2015</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 29.1%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt">Arcata - Golden Valley, MN</div>
</td>
<td style="WIDTH: 18.86%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 7.65pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 9.82%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 7.65pt">165 units</div>
</td>
<td style="WIDTH: 9.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 17.5pt">0%</div>
</td>
<td style="WIDTH: 1.48%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.34%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">33,400</div>
</td>
<td style="WIDTH: 1.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.78%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">2,657</div>
</td>
<td style="WIDTH: 16.3%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.4pt">3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> Quarter Fiscal 2015</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 29.1%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.86%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 7.65pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.82%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 7.65pt">n/a</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-RIGHT: 17.5pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.48%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.34%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.78%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">41</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.3%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.4pt">n/a</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 29.1%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 18.86%; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.82%; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.48%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.34%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">213,600</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.66%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">77,396</div>
</td>
<td style="WIDTH: 16.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>
</table>

<div>
<table style="MARGIN-TOP: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">The Company is a 79% partner in the joint venture entity constructing this property; the anticipated total cost amount given is the total cost to the joint venture entity.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">The Company is a 51% partner in the joint venture entity constructing these properties; the anticipated total cost amount given is the total cost to the joint venture entity</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(3)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">The Company is a 70% partner in the joint venture entity constructing this property; the anticipated total cost amount given is the total cost to the joint venture entity</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TableofContents">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">25</div>

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<div><br>
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<div style="MARGIN-BOTTOM: 8pt"><br>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Definitions</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">July 31, 2013</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Adjusted funds from operations (AFFO) </font>is calculated by subtracting from Funds from operations (FFO) (1) tenant improvements and leasing costs at stabilized properties, and recurring capital expenditures that are capitalized and amortized and are necessary to maintain our properties and revenue stream and (2) straight line rents, then adding (3) non-real estate depreciation and amortization. We may also subtract from FFO certain unusual non-recurring items that do not produce cash available for distribution to shareholders. Previously-reported AFFO amounts are not revised for changes in the composition of the stabilized properties pool. AFFO is included herein because we consider it to be a measure of a REIT's ability to incur and service debt and to pay distributions to its shareholders. AFFO is a non-GAAP and non-standardized measure, and may be calculated differently by other REITs. Through the second quarter of fiscal year 2013, our calculation of AFFO excluded (that is, subtracted from FFO) tenant improvements and leasing costs on an all-property basis. In the third quarter of the current fiscal year, we revised our calculation to subtract from FFO leasing commissions and tenant improvements at stabilized properties only, since we consider tenant improvement and leasing cost levels at non-stabilized properties unrepresentative of expected levels at stabilized properties. This change in definition had no effect on AFFO per share and unit as previously reported. We also updated the calculation to exclude the write-off of fully-amortized leasing costs, which had previously been included in the calculation. This change resulted in a decrease in AFFO per share and unit in the second quarter of fiscal year 2013 from $0.13 to $0.12.&#160;The AFFO per share and unit payout ratio had a corresponding increase in the second quarter of fiscal year 2013 from 100.00% to 108.3%.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Annualized base rent (ABR)</font> is calculated as monthly base rent (cash basis) per the lease, as of the reporting period, multiplied by 12.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Debt to total market capitalization</font> is total debt from the balance sheet divided by the sum of total debt from the balance sheet plus the market value of shares outstanding at the end of the period.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Debt service coverage ratio</font> is computed by dividing earnings before interest income and expense, depreciation, amortization and gain on sale of real estate by interest expense and principal amortization.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 8.5pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">EBITDA</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">&#160;</font>is earnings before interest, taxes, depreciation and amortization. We consider EBITDA to be an appropriate supplemental performance measure because it eliminates depreciation, interest and the gain/loss from property dispositions, which permits investors to view income from operations without the effect of non-cash depreciation or the cost of debt; however, EBIDTA as we calculate it has not been adjusted for the effect of nonrecurring events such as asset impairment and gain/loss on involuntary conversion. &#160;EBITDA is a non-GAAP measure. EBITDA as calculated by us is not comparable to EBITDA reported by other REITs that do not define EBITDA exactly as we do.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Funds from operations (FFO)</font> - The National Association of Real Estate Investment Trusts, Inc. (NAREIT) defines FFO as "net income (computed in accordance with generally accepted accounting principles, excluding gains (or losses) from sales of property, plus real estate depreciation and amortization, and adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis." In addition, in October 2011 NAREIT clarified its computation of FFO to exclude impairment charges for all periods presented. FFO is a non-GAAP measure. &#160;We consider FFO, which is a standard supplemental measure for equity real estate investment trusts, helpful to investors because it facilitates an understanding of the operating performance of properties without giving effect to impairment write-downs and to real estate depreciation and amortization, which assumes that the value of real estate assets diminishes predictably over time. &#160;Since real estate values instead historically rise or fall with market conditions, we believe that FFO provides investors and management with a more accurate indication of our financial and operating results.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Net Operating Income (NOI) </font>is total real estate revenues and gain on involuntary conversion less real estate expenses (which consist of utilities, maintenance, real estate taxes, insurance and property management expenses). &#160;We believe that NOI is an important supplemental measure of operating performance for a REIT's operating real estate because it provides a measure of core operations that is unaffected by depreciation, amortization, financing and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders or cash flow from operating activities as a measure of financial performance.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Payout ratio (FFO per share and unit basis)</font> - The ratio of the current quarterly or annual distribution rate per common share and unit divided by quarterly or annual FFO per share and unit.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Ratio of earnings to fixed charges</font> - The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. For this purpose, earnings consist of income from continuing operations plus fixed charges and preferred distributions, less adjustments for noncontrolling interests - consolidated real estate entities, capitalized interest and preferred distributions. Fixed charges consist of mortgage and loan interest expense, whether expensed or capitalized, the amortization of debt expense and capitalized interest.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Ratio of earnings to combined fixed charges and preferred distributions</font> - The ratio of earnings to combined fixed charges and preferred distributions is computed by dividing earnings by combined fixed charges and preferred distributions. For this purpose, earnings consist of income from continuing operations plus fixed charges and preferred distributions, less adjustments for noncontrolling interests - consolidated real estate entities, capitalized interest and preferred distributions. Combined fixed charges and preferred distributions consist of fixed charges (mortgage and loan interest expense, whether expensed or capitalized, the amortization of debt expense and capitalized interest) and preferred distributions.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Recurring capital expenditures </font>are expenditures (excluding capital expenditures recoverable from tenants and capital expenditures at properties sold during the period) made on a regular or recurring basis to maintain a property's competitive position within its market, generally with a depreciable life of 5 to 12 years, but excluding (a) capital expenditures made in the year of acquisition and in subsequent periods until the property is stabilized (i.e., excluding capital expenditures on non-stabilized properties), (b) improvements associated with the expansion or re-development of a building, (c) renovations to a building which change the underlying classification of the building (for example, from industrial to office or Class C office to Class A office) or (d) capital improvements that represent the addition of something new to a property, rather than the replacement of an existing item.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Scheduled rent</font> revenue is the total possible revenue from all leasable units and square footage, with occupied space valued at contract rates pursuant to leases and vacant units or square footage at market rates.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 8pt; FONT-SIZE: 8.5pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Stabilized properties</font> are properties owned or in service for the entirety of the periods being compared, and, in the case of development or re-development properties, which have achieved a target level of occupancy of 90% for multi-family residential properties and 85% for commercial office, healthcare, industrial and retail properties.</div>

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<SEQUENCE>6
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<DESCRIPTION>CHATEAU II, MINOT, ND - PHOTO
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
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<DESCRIPTION>CYPRESS COURT, ST. CLOUD, MN - PHOTO
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>image5.jpg
<DESCRIPTION>PROPERTY COST BY SEGMENT - PIE CHART
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>image7.jpg
<DESCRIPTION>STABILIZED PHYSICAL OCCUPANCY LEVELS BY SEGMENT - BAR CHART
<TEXT>
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M**`%HI**`%HI**`%HI**`%HI**`%HI**`%HI**`%HI**`%HI**`%HI**`%HI
M**`%HI**`%HI**`%HI**`%HI**`%HI**`%HI**`%HI**`%HI**`%HI**`%HI
M**`%HI**`%HI**`%HI**`%HI**`%HI**`%HI**`%HI**`%HI**`%HI**`%HI
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
